10

HOTELS
THE MAGAZINE OF THE WORLDWIDE HOTEL INDUSTRY SEPTEMBER 2011

www.hotelsmag.com
IN THIS ISSUE
GREAT HOTEL RESTAURANTS
THE PIPELINE:
DOUBLETREE BY HILTON
HOTELS
H
O
T
E
L
S

S
e
p
t
e
m
b
e
r

2
0
1
1
/
V
O
L
.
4
5
,

N
O
.
8
(
A
)
www.dedoncontract.com
DEDON CONTRACT:
US +(1) 205 390 07 70
Asia-Pacific +852 252 972 33
Northern EU +49 (0) 4131 22 44 70
Southern EU, Africa, Middle East +34 (0)93 208 09 03
HANDWOVEN OUTDOOR FURNI TURE CREATED WI TH WEATHER-RESI STANT DEDON FI BER
COMI NG HOME
SEPTEMBER 2011 VOL. 45, NO. 8
FOOD & BEVERAGE

Great Hotel
Restaurants p54
This years 10 honorees from around
the globe refect contemporary trends
like local sourcing and interactive
design, but they mostly focus on time-
less elements such as personalized,
memorable service.
THE INTERVIEW
Sheila Johnson p42
This entrepreneurs resum includes
experience as co-founder of Black
Entertainment Television,
professional sports team owner and
even accomplished violinist, but on
the hotel front, her sights are set on
making Salamander Hotels &
Resorts a go-to management
company known for repositioning
distressed assets.
features
THE PIPELINE
DoubleTree by Hilton p36
With a fresh look that includes a new name
and revamped logo, this brand is poised for
rapid growth especially beyond North
America with an aggressive goal of
doubling in size by 2016.
Villeroy & Boch Tableware Division
3A South Middlesex Avenue
Monroe Twp., NJ 08831
Tel.: + (1) 609 578 4300
Fax: + (1) 609 655 2405
E-mail: hotel-r@villeroy-boch-usa.com
www.villeroy-boch.com/hotel
MODERN
GRACE
Creating Hospitality
SEPTEMBER 2011 VOL. 45, NO. 8
departments
3 Editors Diary
Pointing East
6 Global Update
Mexico today
Kirk Kinsells U.S. return
BHGs big plans
21 Special Report
HOTELS 325
48 Design
Corinthia Hotel London
64 Technology
Customer relationship
management
68 SupplyLine
69 Products
Fitness-recreation, linens
and more
80 Lagniappe
The high-end residential atmosphere of Corinthia Hotel
London, which debuted in a Victorian landmark this
past spring, is exemplied in the Lobby Lounge. Here an
eclectic mix of furniture and bespoke artwork is crowned
by a soaring dome and the Full Moon chandelier overhead,
which includes 1,001 crystal baubles. The hotel, which
dates back to 1885 but more recently was used as a gov-
ernment building, also features 294 spacious guestrooms,
multiple F&B outlets, an ESPA spa and a Harrods boutique.
about the cover
Andy Mannhart AG
THE MAGAZINE OF THE WORLDWIDE HOTEL INDUSTRY
www.hotelsmag.com September 2011 HOTELS 3
EDI TORI AL
Jeff Weinstein, Editor In Chief
1.312.274.2226 E-mail: jweinstein@hotelsmag.com
Ann Bagel Storck, Managing Editor
1.312.274.2209 E-mail: astorck@hotelsmag.com
Nathan Greenhalgh, Associate Editor
1.312.274.2229 E-mail: ngreenhalgh@hotelsmag.com
Dani Friedland, Assistant Editor
1.312.274.2223 E-mail: dfriedland@mtgmediagroup.com
Queenie Burns, Vice President, Design
1.312.274.2216 E-mail: qburns@mtgmediagroup.com
Steve Vanden Heuvel, Senior Art Director
1.312.274.2218 E-mail: svandenheuvel@mtgmediagroup.com
Bert Ganzon, Senior Art Director
1.312.274.2227 E-mail: bganzon@mtgmediagroup.com
Bill McDowell, Vice President, Editorial Director
1.312.274.2201 bmcdowell@mtgmediagroup .com
CONTRI BUTI NG EDI TORS
Mary Gostelow, Adam Kirby
PUBLI SHI NG
Dan Hogan, Vice President, Publisher
1.312.274.2221 dhogan@hotelsmag.com
I NTERNATI ONAL ADVI SORY BOARD
HONG KONG
Simon Cooper
President, Managing Director, Asia Pacific
Marriott International
DUBAI
Joe Sita
Chief Executive Officer, IFA Hotel Investments
DALLAS
Helmut Knipp
Senior Vice President of Development,
Langham Hotels International
LAS VEGAS
Randy Morton
President and Chief Operating Officer, Bellagio Resort
MALTA
Tony Potter
Chief Executive Officer and Managing Director,
CHI Hotels & Resorts
NEW YORK CITY
Ian Schrager
Chairman and Chief Executive Officer,
Ian Schrager Co.
Ted Teng
President and Chief Executive Officer,
The Leading Hotels of the World
PALMA DE MALLORCA, SPAIN
Luis Riu
Chief Executive Officer, Riu Hotels & Resorts
WHITE PLAINS, NEW YORK
Simon Turner
President, Global Development
Starwood Hotels & Resorts Worldwide
EDITORIAL AND PRODUCTION OFFICES, HOTELS
Marketing and Technology Group,
1415 N. Dayton Street,
Chicago, Illinois 60642 USA;
1.312.274.2200;
fax: 1.312.266.3363
edit@hotelsmag.com
SUBSCRIPTIONS/CHANGE OF ADDRESS
For address changes or subscription questions,
please contact: Customer Service, HOTELS,
1209 Dundee Ave. #8, Elgin, Illinois 60120 USA.
1.800.554.7470
Pointing East
One internationally
branded hotel is expected
to open in China every four
days, according to a new
Jones Lang LaSalle Hotels
research report. The report
further states that 84,000
internationally branded
guestrooms are set to enter
the China hotel market
between the end of 2010
and 2013.
The engine in China is
humming like the United
States in the 1950s. With the buzz,
however, comes pressure on costs. The
question of the day has to be whether
increased demand will overcome
increased costs.
While the global brands are head-
ing East in droves, Chinas domestic
brands also are garnering their fair
share of the headlines both as
local investors and as outbound
developers looking to every region
to spread as Chinese become global
citizens. In fact, U.S. Department of
Commerce fgures show more than
800,000 mainland Chinese arriving
in the United States in 2010, up 53%
from the previous year. This brought
in more than US$5 billion, up 39%
from 2009. That number likely will
continue to grow at a rapid rate.
Get used to names like Home Inns, Jin
Jiang, 7 Days Inn and Motel
168. Yes, Chinas domestic
brands are heavily focused
on the lower end of the brand
spectrum, which might suit
many Chinese travelers just
fne, as they tend to save on
hotels to spend more in the
malls. In all, there are 26
China-based companies in
the top 300 on this years list,
up from 24 last year and 18
in 2009.
Combine Chinas
potential with that of India, and
you have an incredible duo that
soon will likely rule atop the global
economy. In a recent, rare interview
with The Hong Kong and Shanghai
Hotels Co. Chairman, the Hon. Sir
Michael Kadoorie, which appears
in the September issue of HOTELS
Investment Outlook, he adeptly
points to this coming axis between
the worlds next superpowers. If
two centuries ago you were talking
of Europe and now the Americas,
the future is not on these continents
in terms of growth. It will clearly be
between India and China, he says.
As you will see in this years
HOTELS 325 and likely for years to
come, companies heading East and
coming from the East will dominate
the changing hotel landscape.
T
o no ones surprise, unit growth for this years HOTELS 325
(which starts on p. 21) was driven by China everyones loudest
growth reprise. Starwood Hotels & Resorts even sent its entire
senior executive team to China for a month this summer to
better understand the opportunities and challenges there.
Editor In Chief
4 HOTELS September 2011 www.hotelsmag.com
Cold-formed Steel: Proven Structural
Framing Solutions for Mid-Rise Projects
up to 75% on Builders Risk
insurance and up to
43% on other insurance
(general liability, workers comp)
*
with steel
www.steelframing.org/insurance.html
or call 800-79-Steel
* Rates vary by many factors, including location and construction type
Accor ............................................................................... 10, 15
AMResorts .............................................................................. 8
Atlantica Hotels International .............................................. 14
Brazil Hospitality Group ...................................................... 14
Bulgari Resort, The (Bali) .................................................... 58
Carlson ............................................................................. 7, 65
Concorde Hotels & Resorts................................................. 66
Conrad Tokyo ....................................................................... 58
Corinthia Hotel London ....................................................... 48
DoubleTree by Hilton............................................................ 36
Doyle Collection, The........................................................... 18
Dukes Hotel .......................................................................... 80
Fasano Hotel & Restaurante ............................................... 18
Fishing Lodge Cap Cana ..................................................... 43
Four Seasons Hotel George V ............................................. 60
Golden Tulip Hospitality Group ........................................... 14
Greenbrier, The .................................................................... 10
Hilton Worldwide .................................................................... 8
Holiday Inn ........................................................................ 6, 12
Holiday Inn Express ............................................................... 6
Hong Kong and Shanghai Hotels ........................................ 80
Htel du Cap-Eden-Roc ...................................................... 80
Hotel Eden ............................................................................ 58
Huka Lodge .......................................................................... 56
Hyatt Hotels Corp. ........................................................... 7, 65
IHG .................................................................................... 6, 12
Innisbrook Golf Resort ........................................................ 44
InterContinental Hong Kong ............................................... 62
La Quinta Inns and Suites ..................................................... 7
Le Mridien Barcelona ........................................................ 10
Le Mridien Coimbatore ...................................................... 10
Le Mridien Istanbul ............................................................ 10
Louvre Hotels Group ............................................................ 15
Marco Polo Hotels ............................................................... 18
Montage Laguna Beach ...................................................... 62
Park Hyatt Shanghai ............................................................ 56
Prism Hotels & Resorts........................................................ 37
Rezidor Hotel Group, The .............................................. 18, 65
Ritz-Carlton .......................................................................... 80
Salamander Hotels & Resorts ............................................. 43
Salamander Resort & Spa ................................................... 43
Setai, The (Miami) ................................................................ 60
Shangri-La Hotels and Resorts .................................... 18, 64
Sheraton Park Tower ........................................................... 60
Sheraton Seattle Hotel ........................................................ 80
Woodlands Inn, The ............................................................. 44
COMPANY PAGE COMPANY PAGE
COMPANY INDEX
2011 Precor Incorporated
SIGN UP FOR YOUR IN-PERSON DEMO
Contact your Precor Sales Representative or
contact us at 800.786.8404 / commsls@precor.com
Your tness center can make a lasting impression even when members just give it a glance. Introducing the
new Experience Series cardio equipment from Precor, a thoughtful touch your members will notice. It features
an attractive touchscreen console just like a high-end phone, and a simple, intuitive interface that draws your
tness-minded members into a smooth and owing workout that theyll remember. And its something youll
remember too when you see if for yourself. In fact, we will bring one to you
EVERY DETAIL
MATTERS.
T
here are headlines about bombed
hotels, mass graves and military
deployments. The U.S. State
Department has issued emergency
warnings on travel. Still want to
develop in Mexico?
The rash of searing headlines and
a stalling U.S. economic recovery
could lead one to think that a hotel
investment south of the border is not
the best proposition. However, the fact
is that the drug violence is geographi-
cally limited, international tourism to
Mexico during the frst fve months of
2011 was up 2.1% year-on-year, hotel
companies have robust pipelines for the
country and new openings continue to
spring up. According to STR Global,
Mexicos active pipeline in June was
more than 12,000 rooms.
The stream of tourists never goes
away entirely, says Richard Katzman,
managing director at HVS Mexico
City. There is already a critical mass
here, and its easy to build on that
critical mass over time. The hotels here
have matured, and they are resilient.
The upside
HVS sees a big opportunity for
hoteliers to open city-center hotels for
business travelers given the lack of
supply. Plus, Mexicos burgeoning
foreign direct investment is expected
to hit US$20 billion this year after
reaching US$17 billion last year, and
critically gross domestic product
growth was 5.5% in 2010 and is
predicted to be 4% to 5% this year.
In Mexico there is a growing middle
class, the trade relationships they
have with North America, a vast and
growing infrastructure and a large
workforce that is affordable, says Jim
Anhut, chief development offcer for
IHG. Then you lay on top that Mexico
has some of the nicest beaches on the
planet and a favorable climate.
IHG already has a large presence in
Mexico, with about 120 hotels open
and more than 50 in the pipeline. Five
of our seven brands are open down
there, [predominantly] Holiday Inn and
Holiday Inn Express, Anhut adds.
Hoteliers say they are keen to expand
business-oriented lodging offerings in
central Mexico, especially in Mexico
AMResorts Zotry Del Mar Los
Cabos, which opened in 2009
Mostly
sunny
Despite what you may have
read, most developers are still
keen on Mexico.
By Nathan Greenhalgh,
associate editor
GLOBAL UPDATE: DEVELOPMENT
City, Guadalajara and in northern
Mexico, particularly Monterrey.
La Quinta Inns and Suites is
bullish about expanding its mid-range
franchise offering in the Mexican
market, with 14 hotels under construc-
tion in the country, most of which
will target business travelers. We
are targeting the same middle-class,
middle-management group that is
looking for accommodations between
US$100 and US$150 a night that are
comfortable and secure, says Rajiv
Trivedi, executive vice president of
franchising and chief development
offcer for La Quinta.
Financing issues
While a return to pre-recession
demand for travel may happen, for
the time being financing for new hotel
projects is more difficult to obtain.
Financing for projects in Mexico has
typically been local. There are a
limited number of U.S. and European
lenders. Weve never had a lot of them,
and if they disappeared it would be
because they needed to solidify their
resources at home and not because of
any drug violence, Katzman says.
For hotel companies with less of a
presence in Mexico and less established
relationships with local developers and
banks, this is hampering development.
We have a pipeline, but most of the
projects are still in the formative stages.
It takes quite a while to move hotels
forward in the environment we live in
today, says Pat McCudden, senior
vice president for development in Latin
America at Hyatt Hotels Corp. The
impact of the security, or violence, is
affecting the performance of hotels.
The resorts are way down from the
peak. Obviously people dont want to
invest in new hotels if it doesnt gener-
ate returns. The investment side is very
spooked by the performance, so theyre
less apt to invest until they see a better
performance in the resorts. Banks are
still cautious; theyre willing to lend,
but only in groups theyve dealt with
before. It is really causing problems.
Carlson opened a new offce in
Mexico City in February to expand its
portfolio of seven hotels in the country
but has yet to sign a development deal.
The head of the offce, Jean Marc
Busato, says he is following foreign
direct investment. The main oppor-
tunities are the secondary and tertiary
cities in Mexico for the mid-market
segments, Busato says.
IHG takes a more positive out-
look of the investment climate for
developers despite admitting that the
occupancy at its Mexican properties
is fat year-on-year. The investment
is being deferred, as opposed to being
deterred, Anhut says. People look
for opportunity and invest and take
appropriate risk. If youre looking fve,
seven, 10 years down the road, Mexico
has a lot going for it. Fortunately, given
the fact that weve been in business in
the country for decades now, there is a
fair amount of repeat business across
the portfolio group in terms of
investment across the brand.
One positive trend for development
for hotel investment in Mexico is that
sources of capital in the country tend
to diversify as the emerging economy
develops. Mexico has gone through 15
years of creating an institutional-type
real estate market, Katzman says. A
lot of the local developers dont need or
want to be constrained by relationships
with foreign funds. The foreign funds
arent necessarily indispensable to
them now.
Distressed opportunities
However, a recovery in demand for the
beachside resorts Mexico is famous
for will depend on the U.S. economic
recovery, which continues to stumble
three years after the collapse of
Lehman Brothers. For the year as a
whole, 2011 is going to be one of the
lowest year-round average rates ever.
The rates are really struggling. A lot
of resorts are not making a profit; a
lot could possibly go bankrupt, says
Alejandro Zozaya-Gorostiza, president
The faade of the Holiday Inn
Mexico City Plaza Universidad
GLOBAL UPDATE: DEVELOPMENT
of AMResorts, which operates resorts throughout Mexico.
The fip side is that developers have a chance to convert
properties at a lower cost.There are great opportunities for
growth by acquiring, Zozaya-Gorostiza says.
Hilton Worldwide says it is taking advantage of this to rev
up its Mexican pipeline by signing management deals on
conversions. Were not getting calls like people wanting to
build 600- to 700-key properties at this time; instead we are
seeing an increase in conversions both resorts and city
centers, says George Massa, Hiltons vice president and
managing director of development for Mexico. From now
until the end of next year, we will see more opportunities
for resort conversions. Most of our clients already have a
fnancing platform, and in many cases they are self-fnanced.
Massa asserts that Hilton is in a good position to execute
management agreements on six to seven properties by the
end of the year in Mexico and says the companys goal is to
increase its current Mexican portfolio of 23 properties to 60
by the end of 2013.
Hilton is looking to develop both city-center hotels and
resorts, and Massa says the only area of the country that
investors are skittish about are along the U.S. border, where
there is more drug violence. We have some markets that
arent moving as fast as they could be in the border communi-
ties, Massa adds. The phone is not ringing off the hook to
develop in Jurez. That is because of the security issues.
One more hurdle
Another obstacle for hotels is the continued shutdown of the
Mexicana airline, which was one of the largest in Mexico.
Operations ceased in 2010 shortly after the company filed for
bankruptcy. While other airlines, principally Aeromxico,
have filled in for the missing flights, ticket prices are higher
than before at a time when U.S. consumer spending remains
down. The increase of the price on the airlift is pushing rate
down, Zozaya-Gorostiza says.
Mexicana continues to hold on to some of its routes,
but whether it will start operating again remains unclear.
Theyre trying to reorganize it, Katzman says. If they
just go and sell the routes there is no chance of resuscitating
the airline.
The swimming pool at the Hilton
Los Cabos Beach & Golf Resort
A WORLDWI DE NETWORK OF GUEST AMENI TY COMPANI ES
C R E AT I ON DE S I GN P R ODUC T I ON DI S T R I B UT I ON
Natural and Organic Cosmetic
certified by ECOCERT Greenlife according
to ECOCERT Standard available at
http://cosmetics.ecocert.com
GROUPE GM - TOUS LES PRODUITS DACCUEIL - ALL GUEST SUPPLIES
PARIS, FRANCE - gm@groupegm.com - www.groupegm.com
whats hot
GLOBAL UPDATE
All aboard!
Starting next July, guests at The Greenbrier in White Sulphur Springs, West
Virginia, will be able to recapture the luxury train experience on The Greenbrier
Presidential Express. The 15-car train, which can carry as many as 240 passengers,
will leave from Washington, D.C.s Union Station for a six-hour, non-stop trip to The
Greenbrier. The trains refurbished long-distance cars from the 1950s Union Pacific
and Santa Fe railroads will include a board room car, a salon car and an open-air
car for travelers who wish to take in the scenery.
We want to bring back the glamour of rail travel, says Jim Justice, chairman and
owner of The Greenbrier. Everything from the dcor to the food will make you feel
as if you are already at the resort.
Guests at Le Mridien Barcelona will be
the rst to experience the brands new
lobby concept, dubbed the Hub.
Le Mridiens target audience is the
creative class, and with the Hub, we
will create a space where guests and
local creatives can converse, debate and
exchange, says Eva Ziegler, Le Mridiens
global brand leader.
The new lobby features three zones. One
is dedicated to arrivals and includes high-
impact art, a projection or a unique sound-
scape. An Interaction Zone with communal
or coffee house-style seating is intended
to stimulate dialogue and contemplation.
The Interaction Zone will also host Le
Mridiens A New Perspective series
of cultural events. The third zone is the
Latitude Bar, a coffeehouse by day and a
wine-inspired setting at night, featuring
an espresso machine and a barista making
signature coffee beverages.
Le Mridien Istanbul and Le Mridien
Coimbatore in India will be the next to
implement the Hub when they open later
this year, Ziegler says, and the brand
anticipates rolling out the new lobby
globally. We will rely on our owners and
developers to implement the Hub upon
openings and renovations, she explains.
Green wish list
Accor has released the rst publica-
tion from Earth Guest Research,
a knowledge-sharing platform on
sustainable hotel development.
Based on responses from almost
7,000 guests from Australia, Brazil,
China, France, Germany and the
United Kingdom who spent at least
one night in a hotel in the previous
12 months across hotel types and
segments, Accor found:
Young, male business travelers
who stay in economy hotels
expressed the most concern about
sustainable development.
Overall, one in two guests
say they frequently or always
consider sustainable development
when choosing a hotel.
Seven of ten guests would choose
a responsible hotel, even if it is
less well-situated and slightly
more expensive.
Three in four guests prefer not to
nd all the lights on when they
enter their room.
Accors methodology is free and
available to the industry, on the
condition that others share their
results on accor.com.
HUB OF ACTIVITY
Sometimes less really is more.
Buy a kettle, a steamer, and a braising
pan, or buy an Alto-Shaam Combitherm

CombiOven. Three times the cooking
power at one-third the price.
Streamline your kitchen.
www.alto-shaam.com/streamline.aspx
1
Combitherm 7.14es with CombiTouch
8 0 0 - 5 5 8 - 8 7 4 4
|
2 6 2 - 2 5 1 - 3 8 0 0
GLOBAL UPDATE: PROFILE
F
ew introductions were required
when Kirk Kinsell returned to
IHGs Americas headquarters in
June. The newly named president
replacing Jim Abrahamson, who left
for Interstate Hotels and Resorts has
been on IHGs senior leadership team
since 2002. Before heading to London
in 2007 to run EMEA, Kinsell
spent five years in Atlanta as head
of U.S. development, so he is very
familiar with the markets, owners and
challenges ahead.
Now about to end the 90-day grace
period every new executive seems to get
heading into a new post, Kinsell, 56, is
looking for opportunities for reinvest-
ment for either incremental or dramatic
growth, as well as new opportunities
for IHGs brand lineup. Of course, he
also is telling the IHG community that
he will work to drive performance
both on the revenue and cost sides. In
many ways, owners are trying to still
recover back to performance at both
the top and bottom line. Owners are
about same-store sales give me more
revenue, lower my costs and help me
with my profts, he adds.
Owners across the industry remain
concerned about the property improve-
ment plan (PIP) demands being placed
upon them during a choppy recovery.
Kinsells response from IHGs perspec-
tive: As supply is not being added and
demand is rising, customers are more
demanding, he says. It is important
for hotels to deliver a good guest
experience, and they cant hide behind
it is too early. It may be too late if they
are not investing at the right time of the
cycle. Holiday Inn is a great example.
People didnt expect us to stick to our
guns and thought it would be diffcult
to deliver. But we found our way
through and have been rewarded with
better performance and recognition.
Kinsell adds that there are still
a number of Holiday Inns that
dont make the grade and need
to be replaced.
That next big PIP from IHG could
revolve around its Crowne Plaza brand,
as consensus seems to point toward an
intensifed focus and further shaping
of the brand story. After research,
Kinsell says IHG is considering a
positioning where guests want to do
business effectively while having fun at
the same time. We also have to think
about the guest journey before arriving
at the hotel, which brings website and
channel issues to the fore, Kinsell
says, adding that IHG is getting owner
feedback for a multi-year plan similar
to what it did with Holiday Inn.
In response to recent comments
made by IHG CEO Richard Solomons
about the potential for further brand
extensions, Kinsell says IHG in the
Americas is mindful of various
markets where our customers may be
underserved. He says it is not a case
of the brand lineup being incomplete
as the company continues to scan the
marketplace. There is a lot of work
going on within IHG, but we are not
in a position to announce anything,
he adds.
Kinsell offers a broad, worldwide
perspective, which he says better
positions him to formulate global
plans and processes, particularly
in operations. He also points to the
advantage of having worked closely in
London for the past four years with the
companys other new leader, Solomons,
who was recently promoted from CFO.
There is no chasm between us in terms
of the way we see things, Kinsell says.
Our ability to lead from the front and
model the way in terms of engaging
people, putting brands at the center
of everything we do and having
confdence in each other and the rest of
the leadership team across the world
gives us a clarion call to move a little
faster, bolder and more aggressively.
It is important for
hotels to deliver
a good guest
experience, and they
cant hide behind it is too
early. It may be too late if
they are not investing at the
right time of the cycle.
IHG
homecoming
Company veteran Kirk Kinsell returns to the Americas to
face challenges and opportunities with a new perspective.
By Jeff Weinstein, editor in chief
Cambro Manufacturing Company 5801 Skylab Road Huntington Beach, CA 92647
Get the sleek look and style of stainless steel with the easy-care practicality of plastic. The Chicago
CamBar
offers all-weather durability and dent-free beauty that wont put a dent in the budget.
To learn more about how the Chicago CamBar can increase your beverage sales, contact your local
Cambro representative. To locate the rep nearest you, visit www.cambro.com or call 800 833 3003.
Stainless Style, Plastic Practicality
GLOBAL UPDATE: PROFILE
I
t is the second-largest homegrown hotel
company in one of the worlds most active
tourism markets, but Brazil Hospitality
Group, So Paulo, remains relatively unknown.
BHGs profile is on the rise, though, with an
ambitious expansion plan and aggressive acqui-
sition strategy coupled with growth opportuni-
ties in Brazil during the run-up to the 2014 FIFA
World Cup and the 2016 Summer Olympics.
BHG manages 36 hotels in Brazil in the midscale
through luxury segments mainly under the Royal
Tulip, Golden Tulip and Tulip Inn fags. The com-
pany owns master franchise rights for the Golden
Tulip Hospitality Group brands throughout South
America. Besides the Golden Tulip properties,
BHGs fagship property is the 40-key Txai Resort
in Bahia. BHG which trails only Atlantica
Hotels International among Brazil-based hotel
groups in terms of total portfolio size was
created from the 2009 merger of Invest Tur
Brasil and Latin America Hotels. BHG ranks
174th worldwide among operators by number of
guestrooms in the latest HOTELS 325 listing.
Expansion plans
The company seeks opportunities for manage-
ment, acquisition or construction of hotels
mainly in Brazils major markets en route to
having 13,000 guestrooms open by the end of
2013, which would nearly double its current inven-
tory. It is our objective to become one of the lead-
ers of this industry in South America, and so far
we focusing only on Brazil because there are a lot
of opportunities in Brazil, says President Pieter
van Voorst Vader. Basically, were looking at all
the major cities and all the state capitals.
Expansion in smaller cities is not out of the
question, however. BHG is currently engaged
in its frst hotel development project, a 189-key
Tulip Inn property in Itaguai, 47 miles (75
kilometers) from Rio de Janeiro. The greenfeld
project marks the start of a new era for BHG,
which aims to build more than 4,000 guest-
rooms across 30 cities over the next fve years,
van Voorst Vader says. BHG has signed two
other Tulip Inn developments, in Maring and
Palmas, and will act as owner-operator upon
their completion in 2013.
At the end of last year, BHG purchased
the company that owned the 418-key
InterContinental Rio for an undisclosed price.
The luxury hotel, which made headlines in
August 2010 as the site of a deadly shootout
between Rio police and a local drug gang, is
The Golden Tulip
master franchisor
aims to double
its Brazil portfolio
before the 2014
FIFA World Cup.
By Adam Kirby,
contributing editor
BHG THINKS
BIG
The Golden Tulip Internacional
Foz, Foz do Iguacu, Brazil
The new BLANCO banquet trolleys:
Saving energy can be this beautiful.
Economical: The new BLANCO banquet trolleys require up to 42 %
less electricity than their predecessors. With them, you make the
most out of each kilowatt hour.
Innovative: The unique, half-height dividing wall allows for the simul-
taneous use of large grates (1084 x 650 mm) and GN containers
in the two-door units.
Reliable: Temperature adjustment down to the degree and excellent
insulation ensure the best possible food quality even with long
waiting times.
www.blanco-catering.eu
Experience the new BLANCO banquet trolleys live:
PIR Moscow, 27 to 30 September 2011, Hall 13, Stand 1C61
HOST Milan, 21 to 25 October 2011, Hall 3, Stand F 54 / L 55
NEW!
currently undergoing a renovation to refag it later this year as a
5-star Royal Tulip property.
But BHGs focus is in the 3- and 4-star markets, van Voorst
Vader says. For new developments, though, the company is
focusing on the select-service to upper-midscale segments.
In either case, BHG aims to introduce the Tulip brands into
neighboring countries like Argentina, Chile, Colombia, Peru
and Uruguay, but it has no timeline. Van Voorst Vader is
open to joint ventures.
What we want to avoid is becoming very spread out with-
out having quantity, he says. It would not be in our mind to
manage one single property in Colombia with 100 rooms. If we
go to a place like Colombia or Argentina we want to go at least
with three hotels at the frst step. We want to go with scale
theres not a lot of advantage if you go with small operations.
The competition
The company has no plans to introduce any other brands to
its portfolio anytime soon. The Tulip brand family is well
known in Europe the company is owned by Paris-based
Louvre Hotels Group but its presence in the Americas is
limited. While some hotel companies alter established brands
when introducing them to a new region, the Tulip brands in
Brazil remain consistent with their overseas counterparts, in
large part because inbound Europeans are BHGs primary
consumer base. There are more Europeans coming to Brazil
in aggregate than Americans, so we dont feel we are at a dis-
advantage to the American brands, van Voorst Vader says.
Those American brands BHG counts as competitors
include fags from Choice Hotels International and Carlson
Worldwide, both of which are franchised by Atlantica. BHGs
other main competition is Accor, which has an extensive
network of midscale hotels throughout South America.
But while Accor and Atlantica are largely franchisors and
management companies in the region, BHG owns most prop-
erties it manages. We can go for buildings where it requires
investment or where theres an investor who cannot do 100%,
or where a family wants to sell out, van Voorst Vader says.
Another potential advantage is that BHG is Brazils only
publicly traded hotel company, making it more attractive for
international investors, van Voorst Vader says. It requires
a lot of discipline from the company it starts off having
very good corporate governance, and so thats an advantage,
and we have lots of market mechanisms to fund ourselves
compared to non-public companies.
It is our objective to
become one of the leaders
of this industry in South
America, and so far we
are focusing only on
Brazil because there are
a lot of opportunities
in Brazil. Pieter van Voorst Vader,
president, BHG
GLOBAL UPDATE: SALES
H
OTELS Magazine has
partnered with Technomic,
a Chicago-based hospitality
research and consulting firm, on a
study of the total hotel-user experience
based on online interviews with 750
business and leisure travelers. Among
hotel patrons surveyed, 82% have
stayed at a hotel overnight for leisure
purposes and 73% have stayed for busi-
ness purposes over the past two years.
Hotel branding efforts appear to be
working. Men, in particular, are more
likely to put brand frst when booking
a hotel. While 65% of all consumers
surveyed say they look for a particular
brand frst, then book a room if one
is available at their choice brand, this
is true among 70% of men compared
to just 59% of women. Price shopping
between hotels and then choosing a
brand that offers the best deal or value
is more commonplace among women
(41% compared to 30% of men).
Differences in preferences and
behaviors also are evident between
business and leisure travelers. Leisure
travelers seek input on where to stay
from sources ranging from the hotel
website to recommendations from
friends. However, business travelers
are slightly more likely to use travel
guidebooks, social media and travel
agents for hotel recommendations.
Fully 70% of both business and
leisure travelers claim a low advertised
price played an important role when
they made their latest hotel reserva-
tion. Business travelers are more easily
swayed by loyalty programs, as 45%
said this was an important factor
in their most recent hotel stay com-
pared to just 38% of leisure travelers.
Advertisements, on the other hand,
capture the attention of leisure travel-
ers; 31% indicated this was an impor-
tant factor in their most recent hotel
decision compared to just a quarter of
business travelers.
Being a member of a hotels loyalty
program equates to higher reported
visit frequency. Nearly half of all
respondents report being members of
a hotels customer rewards program.
Consumers who were asked where
they stayed on their most recent hotel
visit were also asked to estimate their
number of stays at that hotel brand
over the past two years. Guests who
are members of the brands loyalty
program reported 7.6 stays, on average,
compared to just 3.2 stays for those
who are not a loyalty club member.
Loyalty club members also have a
stronger connection with a hotel, show
greater satisfaction with their visits
and tend to rate the hotel more favor-
ably across a variety of metrics. For
example, 86% of loyalty club members
were completely satisfed with their
most recent hotel stay compared to just
79% of non-members.
A strong consumer-brand connec-
tion in addition to great service and
amenities with a value proposition
to match are the basic requirements
for success. However, hoteliers can
drill deeper into their customer base
to understand the needs and wants of
different travel groups to create an even
more unique guest experience.
Editors note: For more information
on Technomics Hotel Consumer Study,
please contact Patrick Noone at
pnoone@technomic.com or
1.312.506.3852.
New research offers insight into consumers
hotel behavior from beginning to end.
By Jeff Weinstein, editor in chief exist
Loyalty
does
QUESTION:
On your most recent visit,
which of the following best
characterize your behavior
when you booked your
hotel reservation?
Looked for
brand rst
then room
Looked for
available
rooms then
chose brand
63%
35%
Brand
First
Room
First
Gender Male 70% 30%
Female 59% 41%
Income <$25K 56% 44%
$25K-%34,499 60% 40%
$35K-$49,999 61% 39%
$50K-$74,999 64% 36%
$75K-$99,999 71% 29%
$100K+ 70% 30%
Traveler Business 66% 34%
Leisure 63% 37%
BEHAVIOR BY
CONSUMER GROUP
N
a
t
u
r
a
l

C
o
l
o
r
s

P
u
t

Y
o
u
r

F
o
o
d

I
n

F
o
c
u
s
8
0
0
-
5
3
5
-
8
9
7
4
w
w
w
.
s
p
r
i
n
g
u
s
a
.
c
o
m
B
y
T
h
e

E
v
o
l
u
t
i
o
n

o
f

I
n
t
e
l
l
i
g
e
n
t

D
e
s
i
g
n
T
M
GLOBAL UPDATE: THE GOSTELOW REPORT
P
Patrick King, CFO and
interim CEO of The Doyle
Collection, Dublin, has
a portfolio of 11 hotels,
including properties in
Boston and Washington,
D.C. Now he wants more
presence on the U.S. eastern
seaboard and in London,
where he currently has three
hotels. In all, he aims to add
five hotels, all owned, in the
next three years.
The Fasano family, whose ancestor
Vittorio Fasano came from Milan in
1902, is leading Brazils lifestyle sector.
Based in So Paulo, Fasano Hotel &
Restaurante is now headed by Vittorios
grandson Fabrizio and his son, would-
be movie maker Rogrio. The fourth
Fasano property, a 39-key resort with
two golf courses, opened in August
at Boa Vista, and there is a pipeline
of fve, all in Brazil. But Director of
Sales, Marketing and Communication
Dominic Ladet says Fasano is now
seriously looking for prospects in New
York City and Miami.
Rezidor Executive Vice President
and Chief Development Offcer Puneet
Chhatwal sees great opportunities for
conversions in Europe. In Portugal,
Italy and Greece, he is especially
interested in resorts. Chhatwal says
managing a pipeline is as important as
signing new hotels, and he appointed
Petro Raposo, previously Rezidors
director of business development for
the UK and Ireland, as corporate
senior director of asset management.
Polands budget and economy sector
is set to grow by more than 50% during
the next two years, says Warsaw-
based Janusz Mitulski, a partner with
Horwath HTL Warsaw. Key count
at branded properties in the country
will increase from 3,816 to 5,971, and
Mitulski believes there is elasticity in
the market to absorb new rooms.
Zimbabwe currently has 11,200
hotel rooms and is running nationwide
at about 45% occupancy. Supply is
adequate, says the Hon. Eng Walter
Mzembi MP, minister
of tourism and hospital-
ity industry. But in the
medium term he is looking
for an additional 4,000
rooms, and he wants big
names. To outside develop-
ers, the government will
pledge land, and there
are tax breaks for the frst
15 years. The Zimbabwe
cabinet also committed
to attract more carriers to
Harare to provide needed airlift.
Steve Kleinschmidt, president of
Marco Polo Hotels, Hong Kong, wants
a return to Singapore. The company
has a signed Phuket project, and it has
a memorandum of understanding for
a Bangkok development. Something in
the Indonesian capital, Jakarta, is also
on Kleinschmidts wish list.
Madhu Rao, executive director
and CFO of Hong Kong-based
Shangri-La Asia Ltd., handles fnance
and asset management and evaluates
development opportunities for the
global group. Looking at reports that
predict that by 2019 China will be the
worlds largest economy, he foresees
even more growth there. Shangri-La
already has 25 developments ongoing
in China, sees many more opportuni-
ties in what are now secondary cities
and with the growth in high-speed
rail links Rao believes there will be
even more possibilities opening up.
Elsewhere in Asia, Shangri-La has
signed two in Sri Lanka Colombo
and Hambantota, which has a Chinese-
built deep-sea port. A property in
Delhi, a management contract, will
have four other siblings in India. Now
the group is looking for opportunities
in Bali, Phuket and Seoul and in San
Francisco and New York City, where
a possible development was aborted.
Paris, and the 2013 opening of London,
should be a catalyst for Shangri-La
growth in Europe, and there are two
projects in Qatar to add to the fve
hotels already in the Middle East.
MARY GOSTELOW
People on the move
David Chase has been named
general manager of The New York
Palace in New York City.
Marion Abaunza has been appointed
general manager of Embassy Suites
Santa Clara- Silicon Valley in California.
Bharat Bhusan Biswal has been
named general manager of Lotus Resort,
Ramchandi Beach, Konark, India.
Matthew Sterne has been appointed
general manager of Fairmont Pittsburgh.
Monica Morgan has been named
general manager of the Residence Inn by
Marriott in Southington, Connecticut.
Jerry John has been named general
manager of Angsana Laguna Phuket.
Kerry Hing has been named general
manager of Waldorf Astoria Park City in
Park City, Utah.
Radha Arora is the new president of
Rosewood Hotels & Resorts, Dallas.
Carlson, Minneapolis, has appointed
Winston Chien vice president, China.
Peter van Peborgh-Gooch has been
named director of sales and market-
ing at Ayana Resort and Spa Bali in
Jimbaran, Bali.
Sergio Serra is director of sales and
marketing at The Ritz-Carlton, Cancun.
Thomas Pirker has been appointed
executive chef at Hilton Surfers Paradise
in the Gold Coast, Australia.
Jeffrey Russell has been named
executive chef at The Sanderling Resort
& Spa in North Carolinas Outer Banks.
Fred Mensinga has been named
executive chef at The Mission Inn Hotel
& Spa in Riverside, California.
Chase
Sterne
Chien
For nearly four decades, RCI has been helping our afliates grow their businesses. With a network of 3.8 million
members and more than 4,000 afliated resorts worldwide, RCI continues to be the global leader in vacation
exchange. Supported by our extensive portfolio of products and services, we can help you build loyalty and drive
strong and sustained growth, year after year.
Whether youre a new afliate or youve been with us from the start, our success begins with yours.
For more information, call 1-866-913-2370 or visit www.rciafliates.com.
RCI and related marks are registered trademarks and/or service marks
in the United States and internationally. All rights reserved.
2011 RCI, LLC. All rights reserved. Printed in the U.S.A.
We have been very pleased with the support and cooperation provided by the RCI team in the negotiation and set up
of our afliation with RCI. They have been very responsive and progressive in how they were able to adapt to support our
particular needs as a newly developed points-based, multi-destination club in Asia. We look forward to working with RCI
to provide our Club Owners with global exchange options.
Harold Derrah, CEO
Anantara Vacation Club
RCI Afliate since 2011
When it comes to growth,
were at your service.
WYNDHAM.
ALWAYS ON THE MOVE.
As the worlds largest* hotel company,
were making bold moves and doing
innovative deals that create value and
awareness for our diverse range of 11
brands all across the globe.

WYNDHAM. NEVER STAND STILL.
The company to be
with and stay with
THE GRAVES 601 WYNDHAM GRAND MINNEAPOLIS MN
*Based on number of hotels.
Offering by prospectus only. Wyndham Hotel Group, LLC., 22 Sylvan Way, Parsippany, NJ 07054, 973-753-6600. All hotels are independently owned and operated excluding certain Wyndham and international Ramada hotels
which are managed by our afliate or through a joint venture partner. 2011 Wyndham Hotel Group, LLC. All rights reserved.

To learn more, call 888-222-0712 or visit www.whgdevelopment.com
At Wyndham Hotel Group, were not
content with being the worlds largest*
hotel company, we also want to be the
best. Our goal is to nd like-minded
partners who are looking to form lasting
relationships, and then provide the types
of revenue-generating and cost-saving
services that will make them want to
remain a member of our family forever.
We invite you to join us as we continue
to grow our diverse collection of 15
hotel brands across the globe.
WYNDHAM HOTEL GROUP
THE ENORMOUS OPPORTUNITY FOR HOTEL DEVELOPMENT IN
China has been the talk of the industry for the better part of the last decade,
but 2010 may be remembered as the year when it turned the corner from
potential to realization. Fifteen of the top 16 companies in the newest
HOTELS 325 ranking added net inventory from a year ago, and nearly all
posted major gains in China, with many more projects on the way.
All international hotel companies are gaining
traction with Chinese consumers, as they are all
signing up hotels in larger and larger numbers
its every hotel companys largest market for
growth, says Robert Hecker, the Singapore-
based managing director for consultancy
Horwath HTL.
Despite intense ongoing pushes for China
expansion by most of the international hotel
companies in HOTELS 325 top 10, however,
it has been Chinas domestic budget brands
that are dominating investor attention of late.
Four such brands have already jumped from
relative obscurity into the list of the top 50 largest
brands in the world Home Inns from Home
Inns & Hotels Management (13th), Jin Jiang
Inns from Shanghai Jin Jiang International Hotel
Group Co. Ltd. (12th), 7 Days Inn from 7 Days
Group Holdings Ltd. (23rd) and Motel 168 from
Shanghai Motel Chain Co. Ltd. (36th).
It should be noted that Shanghai Motel was
acquired in May by Home Inns for US$470
million, a merger that will vault the combined
company well past 100,000 total guestrooms
and could result next year in the first new
addition to the overall top 10 list in a half decade.
In all, there are 26 China-based companies in the
top 300 on this years list, up from 24 last year
and 18 in 2009.
There was some movement in the top 10
list this year, with Marriott International Inc.
leapfrogging Wyndham Worldwide and
Starwood Hotels & Resorts Worldwide Inc. just
barely edging past Best Western International.
It is the first time since 2007 when Accor SA
jumped Choice Hotels International that the
order at the top of the chart has changed.
The biggest upward mover on this years list
is Tokyo-based Hotel Okura Co. Ltd., which
jumped from 161st last year to 42nd this year
on the strength of its 2010 acquisition of JAL
Hotels Co. Ltd.
CHINESE COMPANIES CRAWL
UP THE CHARTS
SPECIAL REPORT: HOTELS 325
2010
Rank
2009
Rank COMPANY LOCATION
2010
Rooms
2010
Hotels
2009
Rooms
2009
Hotels
1 1 InterContinental Hotels Group PLC Denham, England 647,161 4,437 646,679 4,438
2 3 Marriott International Inc. Bethesda, Maryland 618,104 3,545 595,461 3,420
3 2 Wyndham Worldwide Parsippany, New Jersey 612,735 7,207 597,674 7,114
4 4 Hilton Worldwide McLean, Virginia 604,781 3,671 585,060 3,530
5 5 Accor SA vry, France 507,306 4,229 499,456 4,120
6 6 Choice Hotels International Inc. Silver Spring, Maryland 495,145 6,142 487,410 6,021
7 8 Starwood Hotels & Resorts Worldwide Inc. White Plains, New York 308,736 1,041 298,522 992
8 7 Best Western International Phoenix, Arizona 308,692 4,038 308,477 4,048
9 9 Carlson Hotels Worldwide Minneapolis, Minnesota 162,143 1,064 159,756 1,058
10 10 Hyatt Hotels Corp. Chicago, Illinois 127,507 453 122,317 424
11 11 Westmont Hospitality Group Houston, Texas 116,913 813 113,771 803
12 13 Shanghai Jin Jiang International Hotel Group Co. Ltd. Shanghai, China 107,019 707 89,251 546
13 19 Home Inns & Hotels Management Shanghai, China 93,898 818 71,671 616
14 15 The Rezidor Hotel Group Brussels, Belgium 87,868 411 83,200 389
15 17 Meli Hotels International Palma de Mallorca, Spain 87,000 350 76,887 305
16 16 LQ Management LLC Irving, Texas 83,635 820 78,945 766
17 14 TUI Hotels & Resorts Hanover, Germany 79,511 261 83,728 297
18 12 Louvre Hotels Group Paris, France 78,230 1,023 91,409 1,097
19 18 Extended Stay Hotels Spartanburg, South Carolina 77,200 683 76,384 686
20 32 Iberostar Hotels & Resorts Palma de Mallorca, Spain 67,400 101 36,000 100
21 20 Vantage Hospitality Group Inc. Coral Springs, Florida 60,081 973 65,232 906
22 21 NH Hoteles SA Madrid, Spain 58,687 397 61,317 401
23 34 7 Days Group Holdings Ltd. Guangzhou, China 56,410 568 32,836 337
24 23 Interstate Hotels & Resorts Arlington, Virginia 50,666 242 46,129 228
25 37 China Lodging Group Ltd. Shanghai, China 50,438 438 28,360 236
26 24 Barcel Hotels & Resorts Palma de Mallorca, Spain 46,922 182 45,939 181
27 25 MGM Resorts International Las Vegas, Nevada 46,533 17 45,701 16
28 26 Whitbread PLC Leagrave, England 44,062 593 40,000 583
29 28 Caesars Entertainment Inc. Las Vegas, Nevada 42,931 33 39,000 34
30 27 Riu Hotels & Resorts Playa de Palma, Spain 42,000 107 39,208 104
31 Toyoko Inn Co. Ltd. Tokyo, Japan 41,926 217
32 33 Fairmont Rafes Hotels International Toronto, Ontario 37,958 100 35,831 94
33 30 Red Roof Inn Columbus, Ohio 35,786 342 36,298 343
34 31 The Walt Disney Co. Burbank, California 32,536 34 36,119 36
35 38 Travelodge Hotels Ltd. Thame, England 31,953 463 28,294 393
36 42 Shanghai Motel Chain Co. Ltd. Shanghai, China 30,856 266 23,084 199
37 36 Millennium & Copthorne Hotels PLC London, England 29,532 103 29,340 105
38 35 Shangri-La Hotels and Resorts Hong Kong, China 29,408 70 29,700 65
39 39 Scandic Hotels Stockholm, Sweden 27,204 147 25,070 138
40 78 Pyramid Hotel Group Boston, Massachusetts 25,864 64 13,325 40
41 Nordic Choice Hotels Oslo, Norway 25,819 169
42 161 Hotel Okura Co. Ltd. Tokyo, Japan 24,809 79 6,797 22
43 99 Pandox AB Stockholm, Sweden 24,800 122 10,700 46
44 43 HK CTS Hotels Co. Ltd. Beijing, China 23,964 74 22,393 66
45 29 Pillar Hotels & Resorts Irving, Texas 23,900 233 37,900 348
46 41 Club Mditerrane Paris, France 23,816 84 23,816 84
47 54 Highgate Hotels Irving, Texas 23,362 43 18,313 39
48 47 White Lodging Services Corp. Merrillville, Indiana 23,157 154 20,259 144
49 48 Jinling Hotels & Resorts Corp. Nanjing, China 23,057 92 19,785 81
50 44 Prince Hotels Inc. Tokyo, Japan 22,077 56 22,077 56
We are an industry leader in the global hotel
market. With a portfolio of award-winning brands,
combined with our best-in-class systems, IHG
can help you maximize your growth potential.
Contact our Development Team to learn
how you can be a part of our success.
Call 866.933.8356,
visit IHG.com/development or
email development@IHG.com.
Your Next Growth
Opportunity
2011 InterContinental Hotels Group. All rights reserved. Most hotels are independently owned and operated.
2010
Rank
2009
2010
Rooms
2010
Hotels
2009
Rooms
2009
Hotels
51 52 The Ascott Ltd. Singapore 22,000 152 19,000 112
52 22 GreenTree Inns Hotel Management Group Inc. Shanghai, China 21,600 240 49,700 450
53 51 Value Place Wichita, Kansas 21,576 174 19,175 163
54 55 Barony Hotels & Resorts Worldwide London, England 21,308 74 18,009 61
55 46 Ocean Hospitalities Inc. Portsmouth, New Hampshire 21,031 138 20,887 132
56 45 BTG-Jianguo Hotels & Resorts Beijing, China 20,245 69 21,358 71
57 49 Grupo Posadas Mexico City, Mexico 20,006 113 19,600 111
58 53 John Q. Hammons Hotels & Resorts Springeld, Missouri 18,988 78 18,760 77
59 50 Four Seasons Hotels and Resorts Toronto, Ontario 18,758 84 19,231 83
60 59 B&B Hotels Ltd. Brest, France 18,192 242 16,162 215
61 InTown Suites Hospitality Corp. Atlanta, Georgia 17,978 138
62 64 Mvenpick Hotels & Resorts Glattbrugg, Switzerland 17,360 68 15,708 69
63 56 Drury Hotels Co. LLC St. Louis, Missouri 17,259 125 17,208 124
64 89 GF Management LLC Philadelphia, Pennsylvania 17,204 107 11,893 73
65 61 Omni Hotels Irving, Texas 16,970 50 16,000 45
66 60 APA Group Tokyo, Japan 16,857 74 16,091 69
67 67 TPG Hospitality Inc. Cranston, Rhode Island 16,823 63 15,080 57
68 Panorama Hospitality Tokyo, Japan 16,735 70
69 62 The Chartres Lodging Group LLC San Francisco, California 15,411 33 15,947 35
70 69 Kempinski Hotels Geneva, Switzerland 15,399 64 14,993 60
71 71 Maritim Hotels Bad Salzuen, Germany 15,177 51 14,500 51
72 Interchange & Consort Hotels York, England 14,980 275
73 57 America's Best Franchising Inc. Atlanta, Georgia 14,979 241 17,162 251
74 98 Aimbridge Hospitality Carrollton, Texas 14,795 71 10,741 56
75 40 Columbia Sussex Corp. Crestview, Kentucky 14,775 45 23,932 69
76 58 Rewe Touristik GmbH Cologne, Germany 14,616 56 16,637 59
77 70 Southern Sun Hotels Pty. Ltd. Bryanston, South Africa 14,342 89 14,533 87
78 74 HNA Hotels & Resorts Beijing, China 14,198 58 13,842 58
79 65 Grupo Husa Barcelona, Spain 13,895 128 15,632 144
80 88 Crescent Hotels & Resorts Fairfax, Virginia 13,642 65 12,000 55
81 94 Sage Hospitality Resources Denver, Colorado 13,584 65 11,075 53
82 Steigenberger Hotels AG Frankfurt, Germany 13,502 79
83 97 Las Vegas Sands Corp. Las Vegas, Nevada 13,326 6 10,742 5
84 Delta Hotels Ltd. Toronto, Ontario 13,297 47
85 73 Fiesta Hotel Group Ibiza, Spain 13,256 46 13,907 48
86 79 Park Management Group Smyrna, Georgia 13,115 153 13,239 154
87 72 Tokyu Hotels Tokyo, Japan 13,110 41 14,439 56
88 68 Mantra Group Surfers Paradise, Australia 13,000 130 15,000 138
89 76 Crestline Hotels & Resorts Inc. Fairfax, Virginia 12,912 64 13,488 66
90 82 Atlantica Hotels International So Paulo, Brazil 12,832 76 12,708 73
91 102 Davidson Hotel Co. Memphis, Tennessee 12,803 45 10,420 37
92 85 The Indian Hotels Co. Ltd. Mumbai, India 12,802 108 12,268 103
93 63 Grupo Cubanacan SA Havana, Cuba 12,700 60 15,895 75
94 83 Solare Hotels and Resorts Co. Ltd. Tokyo, Japan 12,696 73 12,580 72
95 117 Jaz Hotels, Resorts & Cruises Giza, Egypt 12,536 51 9,244 42
96 81 Hospitality International Inc. Tucker, Georgia 12,529 272 12,870 282
97 84 Gaviota Tourism Group SA Havana, Cuba 12,481 41 12,481 41
98 86 Northcott Hospitality International LLC Chanhassen, Minnesota 12,304 217 12,186 217
99 100 Narada Hotel Group Hangzhou, China 12,032 42 10,560 35
100 107 Grand City Hotels & Resorts Berlin, Germany 11,755 92 10,100 80
Unequalled Vision. Unbounded Success.
Grow your portfolio with the hospitality industrys foremost global innovator.
Starwoods presence of over 1,000 hotels and unrivaled lineup of nine precedent-setting
brands are powered with superior sales and marketing, revenue management
and our award-winning Starwood Preferred Guest
loyalty program. For every visitor,

a unique experience. For every developer, an unyielding commitment to the
game-changing ingenuity and support that drive performance.
Conversion. Adaptive re-use. New build. With the right partners working together on the
right properties in the right places, now is your opportunity to prosper with Starwood.
STARWOODHOTELS.COM/DEVELOPMENT
914 640 4498
HOTELS FROM LEFT
The Westin Austin at The Domain, TEXAS
Le Mridien Chambers Minneapolis, MINNESOTA
Aloft Chapel Hill, NORTH CAROLINA
Element Ewing Hopewell, NEW JERSEY
2011 Starwood Hotels & Resorts Worldwide, Inc.
All Rights Reserved.
2010
Rank
2009
2010
Rooms
2010
Hotels
2009
Rooms
2009
Hotels
101 105 Protea Hospitality Group Sea Point, South Africa 11,497 134 10,181 125
102 92 Fujita Kanko Inc. Tokyo, Japan 11,339 43 11,478 44
103 106 Rica Hotels AS Billingstad, Norway 11,333 76 10,130 74
104 104 Genting Group Kuala Lumpur, Malaysia 11,286 12 10,228 8
105 90 Sunroute Co. Ltd. Tokyo, Japan 11,231 74 11,751 78
106 91 Orbis SA Warsaw, Poland 11,002 60 11,500 62
107 87 Rotana Hotel Management Corp. Ltd. Abu Dhabi, United Arab Emirates 10,832 42 12,148 45
108 93 Outrigger Enterprises Group Honolulu, Hawaii 10,616 42 11,161 45
109 96 Island Hospitality Management Inc. Palm Beach, Florida 10,467 76 11,018 80
110 141 Concord Hospitality Enterprises Co. Raleigh, North Carolina 10,401 80 8,029 62
111 111 Washington Hotel Corp. Nagoya, Japan 10,340 43 9,677 33
112 95 Boyd Gaming Corp. Las Vegas, Nevada 10,313 14 11,020 15
113 108 H10 Hotels Barcelona, Spain 10,280 36 9,982 34
114 119 HEI Hotels & Resorts Norwalk, Connecticut 10,246 33 9,200 33
115 115 Sokos Hotels Helsinki, Finland 10,100 50 9,303 46
116 122 Grupo Hotusa Barcelona, Spain 10,045 100 8,828 89
117 110 Kimpton Hotel & Restaurant Group San Francisco, California 10,022 51 9,848 50
118 131 Hospitality Alliance AG Bad Arolsen, Germany 10,000 70 8,532 68
119 113 Olav Thon Gruppen Oslo, Norway 9,943 73 9,411 67
120 151 Guangdong International Hotel Management Holdings Ltd. Hong Kong, China 9,859 40 6,989 24
121 134 Van der Valk Hotels, Restaurants en Vergaderzalen Vianen, Netherlands 9,526 81 8,350 71
122 138 Hersha Hospitality Management Philadelphia, Pennsylvania 9,500 78 8,200 69
123 116 Princess Hotels & Resorts Reus, Spain 9,300 19 9,300 19
124 114 Pestana Hotels & Resorts Funchal, Portugal 9,215 87 9,325 89
125 80 New Century Hotels Group Hangzhou, China 9,177 27 13,067 36
126 129 Noble Investment Group Atlanta, Georgia 9,144 43 8,574 46
127 118 Hoteles Islazul Havana, Cuba 8,980 69 9,240 71
128 139 Pan Pacic Hotels Group San Francisco, California 8,583 27 8,194 25
129 126 Red Lion Hotels Corp. Spokane, Washington 8,557 44 8,671 45
130 125 AC Hotels Madrid, Spain 8,505 89 8,696 91
131 128 Remington Dallas, Texas 8,390 49 8,614 50
132 130 Hankyu Hanshin Hotels Co. Ltd. Osaka, Japan 8,369 44 8,559 45
133 120 Prism Hotels & Resorts Dallas, Texas 8,315 52 9,196 44
134 136 Kokusai Kogyo Hotel Group Tokyo, Japan 8,204 22 8,204 22
135 135 Guoman Hotel Management Ltd. London, England 8,117 38 8,234 37
136 140 Gaylord Entertainment Co. Nashville, Tennessee 8,098 5 8,101 5
137 133 Loews Hotels Inc. New York, New York 8,059 18 8,412 19
138 124 Royco Hotels Calgary, Alberta 8,032 95 8,708 103
139 AMResorts Newtown Square, Pennsylvania 8,003 22
140 150 Hostmark Hospitality Group Schaumburg, Illinois 7,900 39 7,020 31
141 142 Palace Resorts Miami, Florida 7,847 13 7,801 14
142 148 ITC Ltd. Gurgaon, India 7,719 122 7,325 116
143 123 Danubius Hotel Group Budapest, Hungary 7,679 48 8,773 54
144 75 Fattal Hotel Management Tel Aviv, Israel 7,642 30 13,551 59
145 143 Lopesan Hotel Group Meloneras, Spain 7,626 20 7,626 20
146 137 Destination Hotels & Resorts Inc. Englewood, Colorado 7,606 35 8,203 32
147 Neue Dorint GmbH Cologne, Germany 7,600 38
148 144 Mandarin Oriental Hotel Group Hong Kong, China 7,553 26 7,474 25
149 176 Budget Suites of America Irving, Texas 7,550 18 6,000 17
150 Dynamique Htels Management Boulogne, France 7,543 137
2010
Rank
2009
2010
Rooms
2010
Hotels
2009
Rooms
2009
Hotels
151 146 Restel Hotel Group Helsinki, Finland 7,464 46 7,464 46
152 159 Boomerang Hotels Hendersonville, Tennessee 7,422 88 6,832 81
153 127 Harbour Plaza Hotel Management International Ltd. Hong Kong, China 7,421 10 8,636 11
154 147 Rim Hospitality Modesto, California 7,415 47 7,427 50
155 168 InterMountain Management LLC Monroe, Louisiana 7,300 72 6,377 66
156 132 Moody National Cos. Houston, Texas 7,273 56 8,466 66
157 174 Rydges Hotels & Resorts Sydney, Australia 7,211 40 6,030 39
158 218 Hard Rock Cafe International Inc. Orlando, Florida 7,172 12 4,836 12
159 170 Argyle Hotel Group Pty. Ltd. Sydney, Australia 7,130 37 6,296 31
160 181 Tianlun International Hotel Management Co. Ltd. Beijing, China 7,105 29 5,876 24
161 155 Britannia Hotels Ltd. Altrincham, England 7,045 36 6,915 35
162 163 Occidental Hotels & Resorts Group Madrid, Spain 6,804 19 6,624 19
163 154 Dimension Development Co. Natchitoches, Louisiana 6,785 45 6,954 45
164 Vienna International Hotelmanagement AG Vienna, Austria 6,746 37
165 283 Holiday Villa Hotels & Resorts Kuala Lumpur, Malaysia 6,733 30 3,464 19
166 164 Kerzner International Resorts Inc. Plantation, Florida 6,705 12 6,615 11
167 167 Winegardner & Hammons Inc. Cincinnati, Ohio 6,697 28 6,394 26
168 160 JHM Hotels Greenville, South Carolina 6,520 40 6,829 41
169 166 First Hotels AS Oslo, Norway 6,496 47 6,496 47
170 213 City Lodge Hotels Ltd. Sandton, South Africa 6,440 52 4,989 44
171 169 Rosen Hotels & Resorts Orlando, Florida 6,337 7 6,337 7
172 196 Janus Hotels & Resorts Boca Raton, Florida 6,306 43 5,512 33
173 179 First Hospitality Group Rosemont, Illinois 6,286 42 5,916 39
174 Brazil Hospitality Group Rio de Janeiro, Brazil 6,269 35
175 Century Golden Resources Group Beijing, China 6,266 13
176 194 Mitsis Hotels Athens, Greece 6,246 19 5,524 17
177 156 Alliance Hospitality Management LLC Raleigh, North Carolina 6,228 47 6,903 51
178 McKibbon Hotel Group Inc. Gainesville, Florida 6,214 60
179 180 Sonesta International Hotels Corp. Boston, Massachusetts 6,201 27 5,902 29
180 204 New Otani Co. Ltd. Tokyo, Japan 6,190 22 5,316 22
181 158 Valamar Hotels & Resorts Ltd. Zagreb, Croatia 6,175 30 6,866 38
182 145 Tishman Hotel & Realty LP New York, New York 6,148 9 7,474 11
183 206 Langham Hotels International Hong Kong, China 6,118 13 5,264 11
184 165 Driftwood Hospitality Management LLC North Palm Beach, Florida 6,100 27 6,500 25
185 205 Frasers Hospitality Pte. Ltd. Singapore 6,083 43 5,296 35
186 190 Warwick International Hotels Paris, France 6,000 43 5,700 41
187 Decameron Hotels & Resorts Panama City, Panama 6,075 33
188 198 Centara Hotels & Resorts Bangkok, Thailand 6,000 47 5,437 24
189 173 Al Andalus Management Hotels SL Estepona, Spain 5,974 18 6,113 19
190 211 Vila Gal SA Lisbon, Portugal 5,953 23 5,125 21
191 177 AtaHotels SpA Milan, Italy 5,940 23 5,940 23
192 178 Paradores de Turismo Madrid, Spain 5,926 93 5,926 93
193 191 Camino Real Hotels & Resorts Mexico City, Mexico 5,884 29 5,700 29
194 182 Horizon Hotels Ltd. Eatontown, New Jersey 5,850 28 5,850 27
195 186 Mirvac Hotels & Resorts Sydney, Australia 5,848 46 5,741 45
196 189 Coast Hotels & Resorts Vancouver, British Columbia 5,811 44 5,703 42
197 172 N. Daskalantonakis Group Athens, Greece 5,810 29 6,143 32
198 212 Sandman Hotel Group Vancouver, British Columbia 5,791 41 5,022 35
199 188 LBA Hospitality Dothan, Alabama 5,770 64 5,708 62
200 262 Tropicana Entertainment Inc. Las Vegas, Nevada 5,750 9 3,851 8
2010
Rank
2009
2010
Rooms
2010
Hotels
2009
Rooms
2009
Hotels
201 207 Dolce Hotels & Resorts Rockleigh, New Jersey 5,716 27 5,235 24
202 187 Regal Hotels International Hong Kong, China 5,713 11 5,713 11
203 183 Kinseth Hospitality Companies North Liberty, Iowa 5,620 47 5,790 47
204 239 Pacrim Hospitality Services Inc. Bedford, Nova Scotia 5,616 52 4,245 59
205 195 Kintetsu Hotel Systems Inc. Osaka, Japan 5,593 21 5,515 19
206 Strand Development Co. LLC Myrtle Beach, South Carolina 5,568 63
207 200 Budget Host International Arlington, Texas 5,530 152 5,395 153
208 257 Onyx Hospitality Group Bangkok, Thailand 5,493 32 3,915 20
209 264 Sun International Ltd. Sandton, South Africa 5,439 30 3,834 22
210 244 CHI Hotels & Resorts Floriana, Malta 5,425 16 4,169 12
211 197 Windsor Hospitality Group Inc. Santa Monica, California 5,393 23 5,459 26
212 101 Swiss-Belhotel International Hong Kong, China 5,261 33 10,426 56
213 199 CSM Lodging Minneapolis, Minnesota 5,257 37 5,415 38
214 203 Ishin Hotels Group Tokyo, Japan 5,226 22 5,349 23
215 103 Arabella Hospitality Group Munich, Germany 5,179 43 10,315 44
216 209 Marcus Hotels & Resorts Milwaukee, Wisconsin 5,158 19 5,146 19
217 MJS Hotels Scottsdale, Arizona 5,157 32
218 223 Wynn Resorts Ltd. Las Vegas, Nevada 5,111 4 4,697 3
219 234 Pacica Host Hotels San Diego, California 5,100 33 4,400 29
220 121 De Vere Group Daventry, England 5,034 37 8,960 82
221 192 Buffalo Lodging Associates LLC Stoughton, Massachusetts 4,990 41 5,659 43
222 214 Dusit International Bangkok, Thailand 4,946 21 4,977 21
223 286 Hospitality Ventures Management Group Atlanta, Georgia 4,946 28 3,416 21
224 217 American Casino & Entertainment Properties LLC Las Vegas, Nevada 4,912 4 4,893 4
225 Baywood Hotels Greenbelt, Maryland 4,883 50
226 193 Jarvis Hotels Ltd. High Wycombe, England 4,850 40 5,629 47
227 201 Austria Trend Hotels & Resorts Vienna, Austria 4,847 30 5,383 32
228 232 Grand Hotels International Singapore 4,841 24 4,436 23
229 152 Marshall Hotels & Resorts Salisbury, Maryland 4,833 38 6,973 51
230 227 LodgeWorks LP Wichita, Kansas 4,829 34 4,536 32
231 224 Shilo Management Corp. Portland, Oregon 4,785 43 4,674 42
232 222 Richeld Hospitality Inc. Greenwood, Colorado 4,769 25 4,755 23
233 259 Furama Hotels International Management Singapore 4,762 26 3,890 18
234 210 Sandals Resorts International Miami, Florida 4,749 19 5,141 23
235 240 Oaks Hotels & Resorts Ltd. Sunshine Coast, Australia 4,740 38 4,241 34
236 276 Coakley & Williams Hotel Management Co. Greenbelt, Maryland 4,714 28 3,578 23
237 245 New Castle Hotels & Resorts Shelton, Connecticut 4,707 31 4,168 26
238 185 American Property Management Corp. San Diego, California 4,643 16 5,748 23
239 208 Morgans Hotel Group Co. New York, New York 4,630 14 5,204 15
240 SilverBirch Hotels & Resorts Vancouver, British Columbia 4,628 21
241 225 Louis Hotels Public Co. Ltd. Nicosia, Cypress 4,544 18 4,628 19
242 235 OCT International Hotel Management Co. Ltd. Shenzhen, China 4,521 25 4,358 24
243 243 RIH Casino Resorts LLC Atlantic City, New Jersey 4,503 4 4,193 4
244 249 Chieko Aoki Management Co. So Paulo, Brazil 4,502 27 4,072 25
245 233 Benchmark Hospitality International The Woodlands, Texas 4,496 36 4,417 28
246 252 Macdonald Hotels PLC West Lothia, Scotland 4,468 48 4,003 43
247 226 Hoteles Silken Vitoria, Spain 4,464 32 4,604 33
248 231 Sunburst Hospitality Corp. Silver Spring, Maryland 4,457 31 4,457 31
249 221 Dedeman Hotels & Resorts International Istanbul, Turkey 4,405 19 4,777 22
250 220 The Oberoi Group New Delhi, India 4,401 27 4,785 31
Each Best Western branded hotel is independently owned and operated. Best Western
and Best Western marks are service marks or registered service marks of
Best Western International, Inc. 2011 Best Western International, Inc. All rights reserved.
1.800.847.2429
bestwesterndevelopers.com
BEST WESTERN PREMIER
,
BEST WESTERN PLUS
and BEST WESTERN
.
Heres a winning investment strategy from
Best Western. Choose one of our three product
descriptors, and build or convert to the
Best Western thats right for your market:
BEST WESTERN PREMIER is an upscale choice
that leaves a lasting impression. Stylish designs,
upgraded amenities and personalized guest
services promise a rened travel experience.
BEST WESTERN PLUS is an upper midscale
AAA 3 Diamond-level hotel with well-appointed
rooms and standard amenities thoughtfully
designed to offer that little something extra.
BEST WESTERN is a midscale hotel that
offers a welcoming and restful experience with
exceptional value. It caters to business and leisure
travelers looking for an effortless stay amid clean,
comfortable surroundings.
Put your money where your guests are.
Contact Best Western today.
The smart money
always diversies
2010
Rank
2009
2010
Rooms
2010
Hotels
2009
Rooms
2009
Hotels
251 219 Lindner Hotels AG Dsseldorf, Germany 4,389 29 4,800 32
252 Sarovar Hotels & Resorts Mumbai, India 4,365 56
253 236 Meyer Jabara Hotels West Palm Beach, Florida 4,330 25 4,354 23
254 230 Cooper Hotels Memphis, Tennessee 4,319 23 4,500 25
255 Fn Hoteles Buenos Aires, Brazil 4,300 31
256 229 Aston Hotels & Resorts Honolulu, Hawaii 4,300 27 4,500 27
257 238 Station Casinos Inc. Las Vegas, Nevada 4,248 11 4,248 11
258 277 Minor International PCL Bangkok, Thailand 4,236 35 3,565 31
259 228 Great Wolf Resorts Inc. Madison, Wisconsin 4,235 11 4,532 12
260 258 Constellation Hotels Manly, Australia 4,232 59 3,904 58
261 Xanterra Parks & Resorts Inc. Greenwood, Colorado 3,963 26
262 293 The Imperial Hotels & Resorts Thailand Bangkok, Thailand 4,215 22 3,335 18
263 Cornerstone USA LLC Kennesaw, Georgia 4,200 30
264 255 Joie de Vivre Hospitality LLC San Francisco, California 4,182 35 3,928 36
265 298 Thayer Lodging Group Inc. Annapolis, Maryland 4,159 17 3,220 15
266 202 Lodgian Inc. Atlanta, Georgia 4,060 20 5,359 28
267 251 Stanford Hotels Corp. San Francisco, California 4,056 13 4,056 13
268 241 Blau Hotels & Resorts Palma de Mallorca, Spain 3,988 9 4,235 10
269 271 Hospitality Management Corp. Dallas, Texas 3,986 21 3,627 21
270 237 LTD Hospitality Group Chesapeake, Virginia 3,939 28 4,340 34
271 270 Principal Hayley Group Harrogate, England 3,912 22 3,650 21
272 Kosmopolito Hotels International Ltd. Hong Kong, China 3,889 15
273 260 Trump Entertainment Resorts Atlantic City, New Jersey 3,882 3 3,882 3
274 261 Herbst Gaming Inc. Las Vegas, Nevada 3,879 6 3,879 6
275 266 Regency Hotel Management LLC Sioux Falls, South Dakota 3,871 29 3,783 27
276 265 Magna Hospitality Group LC Warwick, Rhode Island 3,801 19 3,801 19
277 Urgo Hotels Bethesda, Maryland 3,789 26
278 299 Dan Hotels Corp. Ltd. Tel Aviv, Israel 3,780 14 3,210 13
279 Pinnacle Hotel Management Royal Palm, Florida 3,760 30
280 267 Starhotels SPA Milan, Italy 3,725 22 3,725 22
281 275 Lotte Hotel Co. Ltd. Seoul, South Korea 3,716 7 3,594 7
282 268 Daly Seven Danville, Virginia 3,697 37 3,697 37
283 281 Marco Polo Hotels Ltd. Hong Kong, China 3,694 10 3,498 9
284 269 Somerston Hotels Ltd. Stratford-upon-Avon, England 3,678 33 3,678 33
285 248 The Hotel Group Edmonds, Washington 3,635 26 4,083 26
286 287 Rede Nacional Inn de Hotis So Paulo, Brazil 3,633 32 3,415 27
287 288 Gloria Hotels & Resorts Hong Kong, China 3,615 14 3,400 13
288 Real Hotels & Resorts San Salvador, El Salvador 3,611 18
289 295 Newport Hospitality Group Williamsburg, Virginia 3,609 33 3,323 28
290 273 The North Central Group Middleton, Wisconsin 3,559 29 3,603 28
291 282 Waterford Hotel Group Waterford, Connecticut 3,528 25 3,490 24
292 279 Rihga Royal Hotels Osaka, Japan 3,513 10 3,513 10
293 216 Portfolio Hotels & Resorts Rosemont, Illinois 3,475 13 4,955 22
294 Venezolana de Turismo SA Caracas, Venezuela 3,477 12
295 Commonwealth Hotels Covington, Kentucky 3,475 28
296 International Resort Management & Consulting GmbH Hamburg, Germany 3,437 28
297 242 Sociedade de Turismo e Diverses de Macau SA Macau, China 3,400 13 4,226 12
298 292 Chardon Management Ltd. Glasgow, Scotland 3,412 30 3,339 29
299 246 Shaner Hotel Group State College, Pennsylvania 3,400 34 4,159 30
300 Denihan Hospitality Group New York, New York 3,395 13
THERES NEVER BEEN A BETTER TIME
TO INVEST WITH LA QUINTA.
PLEASE CALL 866-832-6574, E-MAIL franchise@laquinta.com OR VISIT laquintafranchise.com

Proven Name. Proven Numbers.
42% reservation systems

revenue contribution
*

800+ properties across the
United States, Canada and Mexico
6 consecutive years of RevPAR
Index Growth
La Quinta Returns
loyalty program
revenue contribution of
40%
*
*The Contribution Sample, as used in these charts, consists of all La Quinta Inn & Suites Lodging Facilities, franchised, owned or managed, that were open for the entire 12-month period ending on December 31, 2010 comprising
of 455 of the 499 franchised, owned or managed locations. This is not an offer. An offer can only be made through an Franchise Disclosure Document. MNREG #F-4544. Performance varies by hotel, location, market and experience
of the operator. If you rely on any performance representation, you must accept the risk of not doing as well. 2011 LQ Management, L.L.C. All Rights Reserved. LA QUINTA is registered in the U.S. Patent and Trademark Offce.
WE KNOW A THING OR TWO
ABOUT WAKE-UP CALLS
Rank COMPANY Managed
1
MARRIOTT INTERNATIONAL
INC. 1,005
2 EXTENDED STAY HOTELS 683
3
WESTMONT HOSPITALITY
GROUP 666
4
INTERCONTINENTAL
HOTELS GROUP PLC 639
5 ACCOR SA 576
6 HILTON WORLDWIDE 569
7
STARWOOD HOTELS &
RESORTS WORLDWIDE INC. 463
8
HOME INNS & HOTELS
MANAGEMENT 364
9 WHITBREAD PLC 351
10 NH HOTELES SA 301
Rank COMPANY Franchised
1 WYNDHAM WORLDWIDE 7,177
2
CHOICE HOTELS
INTERNATIONAL INC. 6,142
3
INTERCONTINENTAL
HOTELS GROUP PLC 3,783
4 HILTON WORLDWIDE 3,135
5
MARRIOTT INTERNATIONAL
INC. 2,391
6 ACCOR SA 1,479
7
CARLSON HOTELS
WORLDWIDE 1,021
8
VANTAGE HOSPITALITY
GROUP INC. 973
9
STARWOOD HOTELS &
10 LOUVRE HOTELS GROUP 472
MANAGED
HOTELS
FRANCHISED
HOTELS
HOTELS
TOP
TOP
TOP
10
10
50
Rank COMPANY Hotels
1 Wyndham Worldwide 7,207
2 Choice Hotels International Inc. 6,142
3 InterContinental Hotels Group PLC 4,437
4 Accor SA 4,229
5 Best Western International 4,038
6 Hilton Worldwide 3,671
7 Marriott International Inc. 3,545
8 Carlson Hotels Worldwide 1,064
9 Starwood Hotels & Resorts Worldwide Inc. 1,041
10 Louvre Hotels Group 1,023
11 Vantage Hospitality Group Inc. 973
12 LQ Management LLC 820
13 Home Inns & Hotels Management 818
14 Westmont Hospitality Group 813
15 Shanghai Jin Jiang International Hotel Group Co. Ltd. 707
16 Extended Stay Hotels 683
17 Whitbread PLC 593
18 7 Days Group Holdings Ltd. 568
19 Travelodge Hotels Ltd. 463
20 Hyatt Hotels Corp. 453
21 China Lodging Group Ltd. 438
22 The Rezidor Hotel Group 411
23 NH Hoteles SA 397
24 Meli Hotels International 350
25 Red Roof Inn 342
26 GreenTree Inns Hotel Management Group Inc. 305
27 Interchange & Consort Hotels 275
28 Hospitality International Inc. 272
29 Shanghai Motel Chain Co. Ltd. 266
30 TUI Hotels & Resorts 261
31 Interstate Hotels & Resorts 242
32 B&B Hotels Ltd. 242
33 America's Best Franchising Inc. 241
34 Pillar Hotels & Resorts 233
35 Toyoko Inn Co. Ltd. 217
36 Northcott Hospitality International LLC 217
37 Barcel Hotels & Resorts 182
38 Value Place 174
39 Nordic Choice Hotels 169
40 White Lodging Services Corp. 154
41 Park Management Group 153
42 The Ascott Ltd. 152
43 Dynamique Htels Management 150
44 Scandic Hotels 147
45 Ocean Hospitalities Inc. 138
46 InTown Suites Hospitality Corp. 138
47 Protea Hospitality Group 134
48 Mantra Group 130
49 Grupo Husa 128
50 Drury Hotels Co. LLC 125
An excellent resource for potential new entrants and existing developers who want to learn more
SharedOwnershipInvestment.com
TIMESHARES FRACTIONALS PRIVATE RESIDENCE CLUBS MIXED-USE RESORT DEVELOPMENT
OCTOBER 17 19, 2011
The Peabody Orlando
Orlando, Florida
the viability of various opportunities in shared
ownership, including resort conversions, fractional
development, and private residence clubs.
about financial strategies for todays economic
environment.
how shared ownership encourages usage,
maximizing a projects earning potential and
revenues.
about vacation trends in a recovering economy.
Find out where travelers want to go and what types
of vacation real estate they want to buy.
from unique insights and make valuable contacts,
including developers, hoteliers, lenders, vacation
ownership experts, government tourism officials,
and others.
Explore
Learn
Discover
Profit
Hear
Citizen Sports and Social Media:
How Web 2.0 Is Revolutionizing Business and Branding
Social media platforms arent just a flash in the pan. Ma is the co-founder of Citizen
Sports, which brought fantasy sports to Facebook, and sports information to the
iPhone and Android. This fascinating entrepreneur explains how social media have
affected the way we communicate, and how they can transform your business.
Featured
Guest Speaker:
Jeffrey Ma
For more information, call 305.925.7485 or
email Information@sharedownershipinvestment.com.
BOOK YOUR HOTEL ROOM NOW
and ask for the special conference hotel rate of
$224 per night.
Call 800.PEABODY (800.732.2639).
REGISTER TODAY!
SharedOwnershipInvestment.com
$849 through September 16
SAVE $150
$999 from September 17
Resort Developers
Timeshare &
Fractional Executives
Condominium
Developers
Hoteliers
Hospitality Investors
Lenders
Investment Bankers
Shared Ownership
Executives
Consultants
Builders
Architects &
Designers
Law Firms
Media
Government Tourism
Officials
WHO SHOULD ATTEND:
About the rankings
Data for HOTELS 325 is gathered
through an online survey completed by
hotels. Individuals report the number of
guestrooms and hotels systemwide as of
December 31, 2010. Companies that do
not respond are subject to an estimate
through public records, previous years
data, industry sources and independent
research. In some cases, rooms and hotels
are counted more than once because
HOTELS chooses to separately report data
from owner-operators, managers and
franchisors on the same list.
This ranking omits companies that
exclusively or overwhelmingly own hotels;
only companies that also manage or
franchise hotels are included. That is why
REITs and private equity companies are
not included.
In the 2010 listing, Steigenberger and
Jaz Hotels were listed together under
Travco. This year, both companies are
listed separately.
HOTELS thanks consultancies MKG
Hospitality and Horwath HTL for their
assistance in compiling data.
Rank BRAND Hotels Rooms
1 Best Western 4,038 308,692
2 Holiday Inn 1,241 227,225
3 Marriott Hotels & Resorts 554 204,019
4 Hilton Hotels & Resorts 538 192,204
5 Holiday Inn Express 2,075 191,228
6 Hampton 1,815 178,281
7 Comfort Inn 1,986 152,247
8 Days Inn 1,877 149,980
9 Sheraton 395 137,770
10 Super 8 2,174 136,267
11 Courtyard by Marriott 892 131,069
12 Quality 1,389 128,092
13 Ramada 896 119,042
14 Ibis Hotel 900 107,735
15 Crowne Plaza Hotels & Resorts 388 106,155
16 Motel 6 1,028 100,763
17 Home Inns 817 93,678
18 Mercure 707 87,060
19 La Quinta Inns & Suites 808 82,326
20 Residence Inn by Marriott 613 74,130
21 Jin Jiang Inns 596 73,350
22 Novotel 395 72,805
23 Hilton Garden Inn 513 70,172
24 Westin 176 68,488
25 Iberostar 101 67,400
26 Hyatt Regency 146 67,115
27 DoubleTree by Hilton 245 62,072
28 Faireld Inn & Suites by Marriott 658 59,745
29 Radisson Blu Hotels & Resorts 252 59,044
30 InterContinental Hotels & Resorts 171 58,429
31 7 Days Inn 568 56,410
32 Americas Best Value Inn 931 56,176
33 Econo Lodge 848 51,537
34 Embassy Suites Hotels 210 51,115
35 Renaissance Hotels 146 51,008
36 Comfort Suites 635 49,885
37 NH Hoteles 335 49,520
38 Howard Johnson 474 46,362
39 Clarion 320 45,294
40 Premier Inn 593 44,062
41 Toyoko Inn 217 41,926
42 Riu Hotels & Resorts 103 41,178
43 Extended Stay America 363 41,000
44 Country Inns & Suites By Carlson 488 39,058
45 Red Roof Inn 342 35,786
46 Radisson Hotels & Resorts 171 35,535
47 Homewood Suites by Hilton 304 33,426
48 SpringHill Suites by Marriott 274 32,085
49 Travelodge 463 31,953
50 Motel 168 266 30,856
Rank COMPANY Countries
1
INTERCONTINENTAL
HOTELS GROUP PLC 100
1
STARWOOD HOTELS &
3 ACCOR SA 90
3
BEST WESTERN
INTERNATIONAL 90
5 HILTON WORLDWIDE 82
6 CARLSON HOTELS 77
7
MARRIOTT
INTERNATIONAL INC. 70
8 WYNDHAM WORLDWIDE 67
9 THE REZIDOR HOTEL GROUP 62
10 HYATT HOTELS CORP. 45
COUNTRIES
HOTELS
TOP
10
BRANDS
TOP
50
2010
Rank
2009
Rank CONSORTIA LOCATION
2010
Rooms
2010
Hotels
2009
Rooms
2009
Hotels
1
1
UTELL HOTELS & RESORTS
Brentford, England 771,200 6,300 1,120,000 9,149
2
3
HOTUSA HOTELS
Barcelona, Spain 220,000 2,529 204,711 2,353
3
4
GREAT HOTELS OF THE WORLD
London, England 192,434 1,012 164,765 985
4
6
PREFERRED HOTEL GROUP
Chicago, Illinois 161,516 843 133,420 723
5
5
KEYTEL SA
Barcelona, Spain 143,900 1,600 152,900 1,700
6
9
MAGNUSON HOTELS
Spokane, Washington 139,776 1,792 89,466 1,147
7
2
SUPRANATIONAL HOTELS LTD.
London, England 118,221 986 287,000 1,389
8
10
BEST EURASIAN HOTELS LTD.
Moscow, Russia 103,300 929 87,600 788
9
8
WORLDHOTELS
Frankfurt am Main, Germany 100,926 449 97,402 482
10
7
ASSOCIATED LUXURY HOTELS INTERNATIONAL
Orlando, Florida 89,514 139 97,843 145
11
13
GLOBAL HOTEL ALLIANCE
Geneva, Switzerland 64,142 275 55,000 223
12
11
THE LEADING HOTELS OF THE WORLD LTD.
New York, New York 63,000 437 84,000 450
13
12
LOGIS HOTELS
Paris, France 53,928 2,766 59,631 2,956
14
19
HOTEL REPUBLIC LTD.
London, England 33,339 153 21,450 130
15
14
SCEPTRE HOSPITALITY RESOURCES
Greenwood, Colorado 28,894 431 27,667 426
16
PRESTIGE RESORTS & DESTINATIONS

Wayzata, Minnesota 27,137 48
17
15
RES-HOTEL
Paris, France 26,000 162 26,000 162
18
16
SMALL LUXURY HOTELS OF THE WORLD
Surrey, England 25,887 520 25,290 508
19
17
EPOQUE HOTELS
Miami, Florida 25,800 382 24,587 370
20
18
HISTORIC HOTELS OF EUROPE
Paris, France 21,535 637 21,743 681
21
20
LUXE HOTELS WORLDWIDE
Los Angeles, California 17,500 148 18,088 153
22
21
SERCOTEL HOTELS
Barcelona, Spain 15,773 151 16,400 157
23
22
DESIGN HOTELS AG
Berlin, Germany 15,231 200 14,399 196
24
24
INTER-HOTEL
Paris, France 12,772 296 11,650 270
25
RELAIS & CHTEAUX

New York, New York 10,650 465
CONSORTIA
TOP
25
D
oubleTree by Hilton may have
turned 42 in 2011, but there has
been no midlife crisis for this
growing brand. Instead, DoubleTree
which officially became part of Hilton
Worldwide in 1999 has marked
multiple milestones this year: ongoing
expansion beyond North America,
with debuts in new markets such as
Jordan and the United Arab Emirates;
the 25th anniversary of its iconic
chocolate chip cookie; the launch of a
comprehensive advertising campaign
to raise awareness of its rebranding
initiative; and perhaps most
significant the opening of its 250th
hotel, the DoubleTree by Hilton
Istanbul-Moda.
With 261 hotels in 18 countries as of
late July, DoubleTrees portfolio has
grown by more than 40% since 2000,
and the brand has no intention of
slowing down. By the end of 2016,
Rob Palleschi, global head of
DoubleTree by Hilton, expects the
brand to have 500 hotels, ideally with
half of those outside North America.
Its very aggressive, but I believe its
achievable, he says.
Palleschis not alone in his optimism.
Rich Conti, president of Tampa,
Florida-based hotel brokerage frm,
consultancy and asset manager The
Plasencia Group, notes that although
new construction will be limited
in the short term, conversions will
DoubleTree by Hilton is
poised to continue its
rapid global expansion,
aiming to reach 500 hotels
by the end of 2016.
By Ann Bagel Storck,
managing editor
BIG
THINKING
DoubleTree by Hilton Istanbul-Moda,
which opened in May 2011, was the
250th property for the brand.
THE PIPELINE: DOUBLETREE BY HILTON
happen an attractive scenario
given DoubleTrees positioning. The
marketplace sees DoubleTree as a
conversion brand, Conti says. As
transaction volumes go up, conversions
are going to happen much faster than
new construction. They should be able
to capitalize on this.
I like their global reach, says Steve
Van, president and CEO of Prism
Hotels & Resorts, Dallas, who has
worked with DoubleTree for more
than 20 years in both ownership and
franchise agreements. Every year we
become more globalized, so every year
its more important that theres global
recognition of the brand. Theres a race
to become the global dominant brand,
and Hilton is certainly in the lead pack
on that.
Broad bandwidth
DoubleTrees pace of growth, particu-
larly internationally, has accelerated
since 2008, the year it began its world-
wide brand expansion with openings
in Central America, Europe, the
Caribbean and Asia. Palleschi notes
that Hilton Worldwide President and
CEO Chris Nassetta, who assumed
that post in December 2007, counted
expansion as a primary objective
one that aligned well with DoubleTrees
goals. Even during the severe economic
downturn of 2008-2009, the brand
opened more than 40 hotels around
the world, and today, Palleschi adds,
DoubleTree counts more than 75
projects in its pipeline. Its hard to say
that there was a silver lining during the
economic crisis, but we did see a lot
of success during that timeframe, he
says, crediting efforts to educate own-
ers about the brand as well as the power
of Hilton Worldwides global support
in sales, e-commerce, property man-
agement and overall brand recognition.
In addition to the brands core offer-
ing DoubleTree by Hilton Hotels,
full-service properties in gateway
cities about 25% of its portfolio is
in DoubleTree Suites by Hilton, with
another 20% in DoubleTree Resorts
by Hilton. Palleschi says about 60% of
DoubleTrees guests are business travel-
ers, and although the brand skews a
bit more toward women and younger
consumers than its competitors or
sister brands, overall its typical guests
are similar to those for the rest of the
upper-upscale segment.
Although DoubleTree has a number
of key standard brand features at all
of its properties among them the
signature Sweet Dreams by DoubleTree
Sleep Experience, in-room coffee and
tea and, of course, the chocolate chip
cookie presented to every guest at
check-in Palleschi highlights the vari-
ety of its hotels as a major asset. We
have everything from historic hotels
like the Courthouse in London to cool,
hip hotels like the Curtis in Denver, he
says. Weve got a pretty big bandwidth
there, and our guests like that.
Palleschi has a broad bandwidth when
it comes to his wish list for the brands
pipeline, as well. Primarily, DoubleTree
is targeting properties with at least 120
SIZE
261 hotels representing more
than 65,000 rooms in 18
countries as of late July
PRODUCT LINES
DoubleTree by Hilton Hotels, the
brands core collection of full-
service hotels in gateway cities;
DoubleTree Suites by Hilton; and
DoubleTree Resorts by Hilton
PIPELINE
More than 75 properties
currently, with a goal to reach
500 hotels in at least 35
countries by the end of 2016
COSTS PER KEY
US$33.5 million-US$53 million
for a 250-key, new-build
property, not including the
cost of land. Costs per key for
conversions vary.
INVESTMENT IN
REBRANDING INITIATIVE
DoubleTree has invested
approximately US$20 million this
year, capping owners investment
at US$25,000 per property.
CHOCOLATE CHIP COOKIES
DISTRIBUTED DAILY
60,000
RESULTS
RevPAR index of almost 107, up
2.5 points year over year
DoubleTree by Hilton
BY THE NUMBERS
DoubleTree by Hilton Kosice Slovakia
represented the brands entry into
Eastern Europe when it opened in
March 2009.
keys and 5,000 square feet (465 square
meters) of meeting space in gateway
cities and major markets, although it is
considering options with fewer keys for
some of its resorts. Palleschi estimates
that conversions represent approxi-
mately 65% of the current pipeline.
As for the areas of the world that are
most important for DoubleTrees expan-
sion, Palleschi mentions markets rang-
ing from China to Eastern Europe, and
India to the south of France. I have a
laundry list of all these cities around the
world that I want to be in, he concedes.
Theres no area thats out of reason.
New identity
DoubleTree also is showing off a new
look as it moves into new markets. Last
fall the brand debuted a new logo
featuring a silhouette of a realistic leafy
tree alongside a large capital D as
well as the addition of by Hilton to
its name. To publicize the rebranding
and build overall brand awareness, this
year DoubleTree has invested more
than US$25 million in an advertising
campaign featuring television
commercials, print media and online
promotions including social media.
Palleschi expects that by the end of
2011 all DoubleTree hotels in North
America will refect the brands new
identity, with the rest of the global
portfolio to follow by the end of the
frst quarter of 2012. He emphasizes
that DoubleTree wanted the relaunch
to move quickly. According to the
brand, owners have invested more than
US$3 billion over the past several years
in upgrading various amenities and
services, but in order to accelerate the
pace of the relaunch, DoubleTree was
prepared to invest and invest heavily,
Palleschi says. This year, he notes, the
brand has spent approximately US$20
million on new collateral for hotels
and has capped owner spending at
US$25,000 per property. Consequently,
Palleschi says, The brand has
basically controlled this process and
controlled the schedule, working hand
in hand with the individual hotels and
the ownership groups. We have it pretty
well programmed out.
Prisms Van says the reimaging
is complete at both of his current
DoubleTree properties in Memphis,
Tennessee, and Columbus, Ohio. I
really like it, he says. I like the tagline
by Hilton. Youre getting the beneft
of this huge global distribution system,
but with a relatively new brand.
The absolute best thing from new
buyers and owners perspective is the
tagline by Hilton, Conti agrees. By
saying DoubleTree by Hilton, youre
going to get the road warrior whos
a collector of frequency points. This
really clarifes that DoubleTree is in the
Hilton family of brands.
(Not so) little things
DoubleTrees new brand identity is
centered on the tagline where the
little things mean everything, but
I have a laundry list of all these cities
around the world that I want to be in.
Theres no area thats out of reason.
Rob Palleschi, global head, DoubleTree by Hilton
DoubleTree by Hilton Beijing marked the brands
Asian debut when it launched in July 2008.
QR
6HHPVOLNHZHUH
DOZD\VVD\LQJ
QR
WRRXU))(
SURFXUHPHQWFOLHQWV
6HHPVOLNHZHUH
DOZD\VVD\LQJ
QR
WRRXU))(
SURFXUHPHQWFOLHQWV
1RLQH[SHULHQFHGSURMHFWPDQDJHUV
1RGHWDLORYHUORRNHG
1RKLGGHQFRVWV
1RIUHLJKWPDQDJHPHQWIHHV(9(5
6D\\HVWR30,VELOOLRQGROODUSXUFKDVLQJH[SHULHQFH
DQGVDYHPRQH\RQ\RXUQH[W))(SURMHFW
3 8 5 & + $ 6 , 1 * 0 $ 1 $ * ( 0 ( 1 7 , 1 7 ( 5 1 $ 7 , 2 1 $ /
WORLDWIDE SOURCING AND PROCUREMENT FOR THE HOSPITALITY AND GAMING INDUSTRIES
qo VuIIey VIew une ] SuILe qo ] DuIIus, Texus ;zqq ] TeI: p;z.zp. ] ux: p;z.zp.;;11
ZZZSPLFRQQHFWFRP
that concept is hardly an unfamiliar
one for the brand. Take DoubleTrees
signature chocolate chip cookie, which
has used the same secret recipe since it
originated in 1986. The brands hotels
distribute approximately 60,000
cookies daily around the world, and
this past summer, the DoubleTree by
Hilton Cookie CAREavan Tour
covered 10,000 miles and 50 cities to
share more than 250,000 cookies in
honor of the treats 25th anniversary.
Everyone loves the cookie, whether
thats in London, in China or all the
way down in Tanzania, Palleschi says,
adding that initially there was some
apprehension within the brand about
whether the cookies charm would
appeal to all cultures. More than the
cookie, its that warm welcome. Its that
recognition that our guests have gone
through some hurdles to get there. The
road nowadays can be diffcult.
Palleschi also credits DoubleTrees
CARE Culture, which includes
committees at each hotel co-chaired
by the general manager and a line-level
employee that meet monthly and report
back to the brand quarterly about
initiatives to deliver the brands
promise of bringing humanity back
to the hospitality experience. Those
committees really permeate the
hotels, Palleschi says. They ensure
that team members recognize the
importance of great customer service
and being engaged in that community.
DoubleTree also prioritizes engage-
ment with its owners, who Palleschi
calls our best partners. He notes that
especially with the ongoing economic
turbulence, Theres still some anxiety
out there with some owners. We need
to continue to keep the lines of
communication open. We need to
solicit their feedback and, most
importantly, react and react quickly.
Theres not any grand plan its just
that, and that works.
The respect seems to be mutual.
Rob Palleschi is viewed very positively
by owners because hes very fair,
Conti says.
Ive never worked with a more
responsive brand, Van says, joking, I
dont know when they sleep.
Van highlights DoubleTrees fex-
ibility as well, noting an example from
a conversion his company did several
years ago in which the brand allowed
an extra couple years for replacing
armoires that were only about a year old
and that Prism later converted into
credenzas. A lot of other brands
wouldnt have done that, Van says.
You dont want a brand to let you do
anything, because then its not a brand.
Its fexibility without brand dilution.
Van also is happy with the increased
market penetration his properties
have experienced upon converting
to DoubleTree. Although Palleschi
wont provide extensive details about
the brands performance, he does note
its RevPAR index is at almost 107, up
2.5 points year over year. We have a
very aggressive competitive set, one
that hasnt changed, and were gaining
share, so were very excited, he says.
When it comes to broad goals for
the brand going forward, however,
Palleschi looks beyond the numbers.
I get passionate when I talk about
Hilton Worldwide, what weve done
as an organization, he says. Part of
my worry is to make sure DoubleTree
by Hilton doesnt let anybody down.
In addition to all the numbers and
metrics, I just would love for everyone
to want to be part of this.
The marketplace sees
DoubleTree as a conversion
brand. As transaction volumes go up,
conversions are going to happen much
faster than new construction. They
should be able to capitalize on this.
Rich Conti, president, The Plasencia Group Inc.
The Curtis A DoubleTree
by Hilton Hotel in Denver
represents the varied
nature of the brands port-
folio, according to Global
Head Rob Palleschi.
Salamander at a glance:
Founded in 2005. In 2007, acquired
and repositioned Innisbrook
near Tampa, Florida, with a US$27
million investment. In 2006, acquired
and renovated the Woodlands Inn in
Summerville, South Carolina. Johnson
sold Woodlands last year and retained
management. Salamander will manage
Fishing Lodge Cap Cana, a luxurious
villa resort opening in the Dominican
Republic in October 2011, and is close
to announcing additional management
deals. The company also is build-
ing the Salamander Resort & Spa in
Middleburg, Virginia.
Career highlights: Founder and
current CEO of Salamander Hotels
& Resorts, Middleburg, Virginia;
co-founder of Black Entertainment
Television; the only African-American
woman to have ownership in three
professional sports teams; film
producer with credits including The
Other City about the HIV/AIDS crisis
in Washington D.C.; strategic advisor
for multicultural and African-American
initiatives, AOL Huffington Post Media
Group; global ambassador for CARE,
a humanitarian organization fighting
global poverty by empowering women;
President Obamas Committee on the
Arts and the Humanities; chair of the
Board of Governors of Parsons The
New School for Design in New York City
Miscellaneous facts:
Accomplished violinist with a Bachelor
of Arts in music from the University
of Illinois
Age: 62
AT A GLANCE
SHEILA JOHNSON
Sa Sa Sa Sa Sa Sa Sa Sa Sa Sa Sa SSa SSSSSSSSS la la la la la la la la a la lama ma ma ma a m nd nd nd nddder er er errr aaaat t t a a a a gl gl gl gl gl glan an an an an a ce ce cee cee::::::
FFo Fo Fo FFo Fo Fo Fo Fo Fo o Fo Fo FFo Fo FFo FFF uun un un un un un un un un un ndde de dde de de de d ddddd in inn in in 2222200 00 00 00 005. 5. 5. 5. 55. IIIIInnnnnn 20 20 20 20 20 2007 07 07 77 07, , , ac ac acqu qu qu qu qu uu quir ir ir ir ir ir ir ir ired ed ed ed ed ed ed ed ed
an an an an aan an an an an an an aaann aaan an aaaaaan aaaaa ddddddddddd re re re re re re re re rr po po po po po po po pppp si si si si si siiti ti ti ti tion on on on on oned ed ed ed ee IIIIInn nn nn nn nn nnn nnn nnn nn nnn nnnn nn nnnn nn nnn nnnnnnnnnnnnn nnnnnnnnis is is is is is iss iss is is is is iss is is is is is is is iss is is iss iss isssbr br br br br br br br br br br bbr br bbr br bbbr bbbbbr br br bbbr br br br br br br bbbr bbbr bbb oo oo oo oo oo oo oo oo oo oo oo oo oo oo oo ooo oo ooo oo ookk k kk k kkkkkkk
ne ne nnne nnnnnnnnne ne ne eeeeee nnne eeeeee nnnne nnnnnnne nne e neeee nnnneaaar aaaaaaar aar aaaarrrrrrr aaaaaar arr aar ar ar ar aarrrr arr aaaarrrrr aaar ar aar ar aaar arr ar arr aar arrr arrrr aaar aaarrrrrr aaar arr arrr arr aaarr arr a TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTam am aaam aam am am am am am amm am amm am am amm am am am am aaammm amm am am am ammm aaam aam aaaaaaamm am amm am am aam am am am am am ammm am ammmmmm aam ammpa pa pa pa pa pa pa pa pa pa pa pa paa paa pa pa paa pa pa pa pa paaa pa pa ppa pa ppa ppa paaa pa paa ppa pa pa ppa pa ppa pa pa pa pa ppa pppa ppa paa pa pa pa pa pa pa ppaa pppp ,,,,,,,,,,,,,,,,,,,,,,,,,,,, Fl Fl Fl Fl Fl FFl Fl Fl Fl Fl Fl Fl Fl Fl Fl Fl l Fl Fl FFl Fl Fl Fl Fl FFl Fl FFl Fl Fl Fl l Fl Fl FFl Fl FFFFFl FFFl Fl Fl Fl Fl Fl Flor or or or or or or or or oor or oor or or or or or or oor or or or or or or or or or or or or or or oor or or orr or oor orr orrr or oooorr or or oo id id id id id id iddddd id iddd iddd id iddd idddd idd id id id idddd iddd id iiddd iddddddd iid iddddd iid id id idddd id iid id id id id iddddd iid iid id idd iid iddd id id idd id id id iddd id idddd iddd id id idd idddddddddddddaa, aaaa, aaaa, aaa, a, a, aaaaa, aaaa, aa, aaaaaaaaaaa, aaaaaaaa, a, aa, a, aa, , a, a, aa, a, a, a, a, a, aaaaaaa, ,,,, wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwit it it it it it it it it it itt itt it it itt it itt it it it it it it it itt it it it it it it itt it ittt it ittttt it it it it it it it iit iitthhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh a a aaaaaaaaaaaaaaa aa aaaaaa aaaaa aaaaa US US US UUS US US US US US US UUUS US US US S US US US UUUS US US US US US S US UUS US US US US UUS US US US UUUS US UUS US S UUS SS UUUSS US US USSS UUUS SSSSSSSSS USSSSS US USSSS$2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $$2 $2 $$2 $22 $$$$2 $222 $2 $2 $$2 $2 $2 $2 $22 $2 $2 $$$$$222 $$22 $$$2222 $2 $$$$222 $2222 $$$$$22 $$$$22 $$2222 $$$22 $$$$222 $$$ 7777777777777777777777777777777777777777777777777777777777
mmmmmmi mmmmi mi mi mi iiii mi mmmi mi mi mmi ii mmmi mi mmmmmmmmi mi mi i mmmmmi mmi mi mmmi mmmmmmmi mmmi mii mmmmmmmmmilll llll ll ll ll lll ll ll ll ll ll ll ll ll ll ll lllll lll llllll lll lll l io io io io iioo ioo io ioooo io io io io io io io io io io io iooo iio ioo io iio io iiioo ioooooooooooooooo iooo iioooo ioonnnnnnnnnn n nn nnnnnnn nnn nnnnnnn nnnnnnnnnnnnnnnnnnnnnnnnnn iiin iiinnnnnnnn in iinnnn innn inn in iiin iiinnnnn inn in iinnn iinn iinnn in in in inn iinnnnnnnn inn inn i ve ve ve ve ve ve ve ve ve vve ve ve ve ve ve ve ve ve ve ve vve vee ve ve vve ve ve ve ve ve ve ve ve ve ve ve ve ve ve ve ve ve ve vve ve ve ve ve vee vvee ve vvvvvvvvvve vvve vee veeeeee t st st st st st tt st st st st st st st st st st st st t st st st st st tt st t st st tt st st st st st st st st st st st st sst st st st st st st st st sst st tt st sst sst st st st sst st st st st st ssst st st s me me mme me me me me me me me me me me me me mmmme mme me me me e me me me ee me mme me me e me e me me me me me me me me me me e me mmme me me me e me me mme mmmmme me ee mme mmme me e me mmme mme me me mmmmeee me me mmeee me me m nnnt nnnnt nt nt nt nt nt nt nnt nnt nt nt nt nt nt nt nt nnnt nt nt nt nt ntt nt nt nt nt nt nnt nnt nnnnt nt nnttt nnttt nt nttt nnttt nt ntttt nntt ntttt nt nt....................... IIIIIIIn IIIn In n In In IIn IIn n In In In In IIIn In IIIn In In In In In In In In In In In n In IIn In In nn IIn In In In In In nn In In n In In In nn In n In In n In n In n In 222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222220000000000 00 00 000 000 00 00 00 00 00 00 0 00 000 00000000 00 00 000 0000000 00 00 00 00000000 00 00 00 0 0000 00 0 000000 00 00000000 000000 00 0000 000 0 00 000 00 00 0000 000000000 000 000 66, 6, 6, 6, 6, 66, 6, 6, 6, 6, 66, 6,, 66, 666, 6, 6,, 6666, 666,,, 6,, 66, 6, 6, 6, 66666666,, aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaacccccccccccccccccq cq cq cq cccccccqqq cq cq cq cqq cq cccccccqq cq cq cqq cqq cq ccccccq cqqq cq cq cq cq cq cq cccqq cq cq cq cq cqq cq cccccq cq cq cccq cq cq ccccq cq cq cq cccqqqq cq ccq cq cq cccccq cq cq ccccq cq cq cqq cccq cccq cccq cqq ccqui ui ui ui ui ui ui ui ui ui ui ui ui ui ui i ui ui ui ui ii ui ui ii ui ui ui uui uuui ui uuuuuuuuuuui ui uuuuui uui i uuuuuii uuuuui uuui uuuuuuui iii uuuuuuuuuui i uui ui uuuuui uuuu re re re re re rre re reeee re re re re re re re reee re re re re re re re re rre ree re rre re rrre rree re rree rre ree rrrrrree re ree rre re re ree rreee rrre rrree reee rree reeeeddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddd
an an an an an annn an an an an an an ann ann ann ann anddddddddddddddddddddddddddddd re re re re re re re ree re re re re ree re re re re re ree re re re re re re re re reee re re re re re ree re re ree rreee reee rre ree rrreeee rrrrrr nnno nnnnnnno no no no no nooo noo no no nno no nnno nno no no noo noo nnnno no no nnoo nno nnooo nno nn va va va va vva va va va va va va va vaaaa vva vva vva va va va va va va va vaa va va va va va va vva va va vaaa vvvvva vva vvvv te te te tte te tte e te tte te te te te te te te e te te e te tte te te te te tte tte e te eee te tte e te eeddddddddddddddddddddddddddddddddddddddddddddddddddddddd th th tth th th th th th th tth th thhhhh th th th thh thhh th tthh th thhh th th tth ttthh tth tth thh thh th ttth th th th th th ttth tth tth thhh th tttheeee eeeeeeeeeeee e eee e ee eeeeee eeee eee e eeeeeeeeeee eeee e eeeeeee WWWWWo WWo Wo Wo Wo Wo WWo Wo WWo Wo Wo Wo Wo Wo Wo Wo Wo Wo Wo WWo WWWo Wo WWo Wo WWWWo Wo Wo Wo Wo WWo WWWo Wo Wo WWWo Wo Wo WWWWWWo Wo WWo WWo Wo WWo Wo Wo WWWo Wo WWWWWo WWWWo Wo WWo Wo o WWo o WWWWWo WW od ooooood od od od od od od od od odddddddddd odddd od ooood oddd oddd od od oood odddd od od oood od od od oddddddd odd od oooddd od od od odd od od ooooood od od od od oood odd ooodddd odd odd ooodd oooodddd od odddllla la la la la la la la la la laa la la la la la la la la la la la laaa laaa laa laaa la lla laaa la llllla lllaaa laaaa laaaaaaa laaaaaaaaand nd nnd nd nd nd nd nd nd nd nd nd nd nddddddddddddd nd nd nd nd nnd nd nd nd nd nddd nd nd nddddddd nd nd ndd nnddd ndd nd ndd nd ndd nd nddd nd nd nd nd nddddd nddddd nd ndddddd nnnnnd ndd nnnddddssssssssssssssss sss sssssssss ssssssssssssssssssssssssssssssss In In In IIn nnnnnnnnnn In In In In nn IIn nn In In In In n In n IIn In In In In In In In n Innnn IIIn nnn Innnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn iiin in in inn in inn in in in in in in in iin in iin in in in in in in inn in in in in in in in in in in innnn innnnnnnnn
Su Su Su Su Su Su Su Su Su Summ mm mm mm mm mm mm mm mm mmmer er er er er er er er errrr er er er err eervi vi vi vi viiii vi vvi vi vi vii vi vi viii vvvi vii vvi vi vvi vii vi vi vvvi vvi vi vi vvvvi vi vi viiill ll lll llll ll lll lll ll lll lllll ll llll llll llllll ll ll ll ll llll ll lll llll ll ll llll ll lll ll ll ll ll ll lll lll ll lll lllee, eeeeeeee, ee, ee, eeee, eeeeeee, e, ee, e, eeeee, eeee, eee, eeeeee, ee, ee, eeee, ee, eeee, e, e, ee,, ee, e, e, e, ee, ee,, e, ee,,,, SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSou ou ou ou oou ou ou ou ou ou ouu ou oou oou ou ou ouuu ou ou ou ouu ou ouu ou ou ouu ouuu ou oou ou ou ou ou ou ouuu oooooou ou oouuu oouu ouuuuuth th th th th th th th th th th th th th th th th thh th tth th th thh thhh thhhh th thhhh th tthh ttthhh tth thh th CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCaar ar aaar ar ar aaaar arr ar ar ar aar ar ar ar ar ar ar ar aaaar arrr ar aaar ar aar aaar arr arrol ol ol ol ool ol ol ol ol ol ol ol ol ol ol ol ool ol ol ol ol ol ol ol ol ool oool ol ooooool olin in iinn in inn in in innn in in in inn in in in innn in in iinnnnn innnn in innnn inaa. aa. aa. a. a. a. a. a. aa. a. aa. a. aa. a. a. aaa. a. aaa. a. a. a. aaaaa. aaa. a. aa. a. a. a. a JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJoh oooh oh oh oh oh oh oh ohh oh oh oh oh oh oh ooh oh oh oh ohh oh oh oh oh oh oh oooh ohh ohh ohh oh ohh oh ohh oh ohns ns ns ns ns ns ns ns ns ns ns ns ns ns ns ns ns ns ns ns ns ns ns ns ns nns nns nss ns nss nns nns ns nns ns ns ns nssson on on on on on on on on on on onn onnn on on on on on on on on on on on onn on oonn on on on oon onnn oooon oooooon oon
so so so so so so so so so s ld ld ld ld ld ld d ld dd WWWWWWWWWWoo oo oo oo oo oo oo oo oo oo oodl dl dl ddl dl dl dl dl dlan an an an an an an aands ds ds ds ds dss dssss dss dsssssss llllllllllllllllllllllllllllllllllllllas as as as as as as as as as as as as ass as as as as as as as as as as ass as as as as as as ass as as ass aas as ass aas as aas asss aas as aas as aasssttt t tt ttt ttttt t t tttt ttttttttttttttt tttt tttttttt tttt ye ye ye yye ye ye ye ye ye ye ye ye ye ye ye ye ye ye ye ye ye ye ye ye ye ye ye ye ye yye ye ye ye ye ye ye ye ye yee ye ye yee yyyeeee yee ye yeeee yeee yeeeeee yyyye yyyyyyyyyyy ar ar ar ar ar aar ar ar ar ar ar ar ar aar ar ar arrr aar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar aar ar ar ar arr arr aar ar ar ar ar ar arr ar ar aar ar ar ar ar ar ar ar ar ar ar aar aaar ar ar aar ar aar ar ar arr arrrr arrrrr ar a aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaandd nd ndd nd nd ndd nd ndddd nd ndddd nd nd nddd ndd nndd nd nd nd nnd nd ndd nd nd nd nd nd nd nd nd nd nd nd nd nd ndd nd nd nd nd ndd nd nd nd nd nd nnnd nd nd ndd nd ndddd nndd rrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrret et et et et et tt et et et et et et et et et et et et et et eet et et et t et et et et et et et et et tt et eet et et et eet et et et t et tt et et eet et t et et et et et eet eet et et et t et eett et et eeeet et eeet et eeeettai ai ai ai ai ai ai ai ai ai i ai ai ai ai ai i ai ai ai ai ai ai ii ai ai ai ai i ai ai ai i ai aaai aaaai ai aaai ai aai aai ai aai aaaai ai aaai ai aaaaai ai ai aaai ai ai aai a ne ne ne ne ne ne ne ne ne ne ne ne ee ne ne ne ne ne ne ne e ne ne ne ne nnne ne ne ne ne ne ne e ne ne ne e ne ne ne ne ne ne ne ne e ne nne nnnnnnnne ne eddddddddddddddddddddddddddddddddddddddddddd
mma ma ma mma ma mmmmmmm na na nage ge geme me me ent nt nt nt nt nt nt t nt nt tt nt nnnnt..... Sa Sa Sa Sa Saa Sa Saaaaaaa Saaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaala la llllaa la lla lla lllllllla la lla la laaa laaa la la la laaaa la laaa la la laa laaa la laa la la la laaa la la la lla la la laaaaa la llaa la la lla lllammma mmma ma ma ma ma ma ma ma ma ma aa ma ma mma ma ma ma mma ma ma ma ma ma ma mmmmmma a mmmmmmma ma ma aaa ma ma mmmma aa mmma mmmaa ma ma ma mma ma ma ma ma mma mma ma ma ma ma ma ma ma a ma ma mand nd nd nd nd nd nd nd nd nd nd nd nd ndd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd nd ndd nd nd nd nd nd nd nd nnd nnnndd nd nd nnd nnd nd nnnnnd nnd ndd ndd nd nd nn er eer er er er er eer er er er er er er er errrrr err er er er er er er er er er eer er er eerr er err er err er er er er er eer er eeerr errrr er er err er eer er er eer err eer eerr eeeeeeerrr eee wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwil il il ill il il ill il il il il il il il il il iill il ill illl ill iill il il il iil il il il il iiiil il illlllllllllllll llllllllllllllllllllll llll lllllllllllllll ma ma ma ma ma ma ma mma ma ma ma ma ma ma ma ma ma ma ma ma ma ma ma ma mma ma ma ma ma ma ma ma ma mma ma ma ma ma ma ma ma mmaa ma ma mmmmmma mma mmmmma mma ma mmmma mmmmmmmmmmmaana na nnna na na na nna na na na na na na na naaa na na na na na na na na na na na na nnna na nnna naa na na nna nna na nnnnnnna naa naa naa na na na na na na na naaaaaaaaaaaaaaagge ge gge ge ge ge ggge ge ge ge ge ge ge ge ge ge ge gge ge ge ge ge ge ge ge ge gge ge ge gge ge ge ge ge ge ge ge ge ge ge ge ge ge ge ge ge ge ge ge ge ggg
Fi Fi FFi FFi Fi FFFFFi FFFFFFFi i FFFFFFFFFFFi FFFFFFF sh sh sh shh shin in in in in innn in innng g g g g g g g ggggg Lo Lo Lo Lo Lo Lo Lo Looo Loo Loodg dg dg dg dg ddg dg dg dg dg dge ee e e e ee eeee Ca Ca Ca Ca Ca Ca CCa Ca Ca Ca CCa Ca Cappppppppppp CCCa Ca CCCCa Ca Ca Ca Ca Caa Ca Ca Caa Ca Ca CCCCCa CCCCaaa CCCCCCCCCa CCa Ca Caaa CCCCCCCa Caa CCCCa CCa Ca CCCa Ca Ca CCCCCa CCaa CCCCCCa CCCCCa Ca CCa Ca CCa CCCCaa CCaaaa CCa CCCCana na na na na na na na na na na naaa na na na na na na naa na naa na na na naaa na naa nna naa nnnna na nna naa naaaa nna na na naaaaaa nnaaaa naaaaaa,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, a aaa aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaaaa aaaaa aaa aaaaaaaaaaaaa lu lu lllu lu llu llu lu lu lu lu lllu lu llu lu u luu lu llu lu uuu lu u lu lu lu lu lu lu lu lu lu lu lu lu lu u lu lu lu lu lu uu lu uuuuuuuuxu xu xxu xu xxu xu xu xu xu xu xu xu u xu xu xu xu xu xu xxu xu xu xu xxu xu u xu uu xu xu uu xu xuri ri ri ri ri ri ri ri ri ri rii ri ri ri riii rii ri ri ri ri rrrrrri ri ri ri ri rri ri ri ri r ou ou ou ou ou ou ou ooou ou ou ou ou ou ou ou ou ooou ou ou ou ou oou oou oou oou oou ousssssssssssssssssssssssssssss
vi vi vi vi vi vi vi vi vvill ll ll lll ll llla a a a a a a aa re re re re re re ree re rreso so so so so so so so so so so so soo sort rt rt rt rt rt rt rrt rt rt rt rt t rt t rt rrt tt rtttt rrrt t oooooooooooooooooooope pe pe pe pe pe pe pe pppe pe pe pe pppp ni ni ni ni ni ni ni ni ni ni n ng ng ng ng ng ng ng g ng ng ng ng ng g ng ng ng ng ng ng ng ng ng g ng g ng g ng ng g ng gg ng g ng gggggggggg ng ggggggggggggggggggggggg iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiinnn nnnnnnnnnnnnnnnnnnnnnn nnnn nnnnnnnnn nnnn nnnnnnn nnnnn n nnnnnnnn nn th th th th tthh thh th thhh thhhhhh th th th th th th th thhhhh th th thhhh thh th thh ttth th ttttth tttth thhhee e e e e e ee eee ee eeee eeeeeeeeeee ee eee eeeeeeeee Do Do DDo Do Do Do Do Do Do Do Do Do Do Do Do Do o Do DDDDo Do Do Do oo DDo Do Do Do Do Do Do DDo DDo Doo DDDo DDo DDo DDo DDDDDDDDD mi mi mi mi mi mmi mi mi mi mi mi mmi mi mmmi mi mi mi mi mi mmi mi mmi mi mmi mi mmmm ni ni ni ni ni ni ni ni nni ni ni ni ni i nni ni ni iii ni ni nii nn ca ca ca ca ca ca ca ca ca ca ca ca caa ca ca ca ca ca ca caa ca ca caa caaaa caaannnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn
Re Re Re Re RRe Re Ree Re Re RReee Re Re Re Re Reeee Re Re Repu pu pu ppu pu pu pu pu pu pu u pu pu pu ppu pppu pu pu pppu ppp bl bl bbl bl bbl bl bl bl bl bl bl bbl bl bbl blic ic ic ic ic ic ic iic ic ic ic icc ic ic iiiiiiiiiiiinnnnnnnnnnnnnnnnnn OOc Oc Oc OOc OOc Oc Oc Oc Oc Oc Oc OOOc Oc Oc c Oc Oc Oc Oc Oc Oc OOc OOc Oc cc Oc Oc c Oc Oc Oc Oc cc Oc cc Oc cc OOOc Oc ccc Occcccccc Oc Occ Occcccccccto to to ttttto tto to tto to to to ttttto to to to to tto tto to to to tto to to to o to to to to tto to to to to to to to ttto o ttto ooo tobe bbe be bbe bbe be be be be be be be be bee be be be be be be be be be be bbee be be be bbe be bee bee bbe bber r r r r rrr r r rr rr r rr r rrr r rr rr 20 20 20 20 20 20 220 20 20 20 20 20 20 20 20 20 20 20 20 200 20 200 20 20 20 20 200 200 20 220 20 20 220 20011 11 11 11 11 11 11 11 11 11 11 11 11 111 11 11 11 11 11 11 11 11 111 11 11 11 111 1111 11 11 11 1111,, ,, , ,, , ,, , , ,,,,, an an an an an an an an an an an an an an ann an an ann ann an an an aaan an aaaaan an ann anndddddddddddddddddddddddddddddddddddddddddddddddd iis is is iiis is is is is is is iis iis is is is is is is is iis is is is iss is is issss is iss iss cccccccccccccccccccccccccccccccccccccccclo lo lo lo lo lo lo lo lo lo o lo lo lo lo lo lo lo lo lo o lo lo lo lo lo lo o lo llo lo ooo lo oose se se se se se se se se se se se sse se se se se e se se se se sse eee se sse se se e se se sse e se sse sseeeeee
to to tto tttto to aann nnnnou ou ou ou ou ou ou ou ou ou ou u ou ou ou ou u ou ou ou u ou ou u ou ou ou ou uuuu ou ou ou u oouuu ou u ou uuuuuuuu oou ou uuuuuuuuu ouuuuuuuuuu ouuuuu ouuuuuunnc nc nnc nnc nc nc nc nc nc nc nc nc nnnnnnc nc nc nc nc nc nc nc nnnc nc nc nc nc nc nnc nc nnnnnc nc nnc nnnnc nnnc nnnc nnc nc nc n inn in in in in in in in in inn in iiin iinn innnn in i ggggggggggggggggggggggggggggggggggg ad ad ad ad ad ad ad ad ad ad ad ad ad ad ad ad ad ad ad ad ad dd ad dd ad d ad ad ad ad ad ad ddi di di di di di di ddi di di ddi di ddi di di di ddi ddi dddi di di di ddii di ddd tti ti ti ti tti ti ti ti ti ti tti ti ti ti ti tii ti ti ti ti ttti tttion on on on on on on on on on on on onn on ooon on on on on onnn onn on onnn onn onnnn onn onn onn on ooon onnnn l al al al all al al al al al aal al al al al aal al aal aal al aaal al al al al al aal aaall aaal aaall mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmman an an an an an an an an an ann an an an an an an an an aan an an an aan an an an an an aan an aan an anag ag ag ag ag ag ag aag ag ag ag ag ag ag ag aag ag ag aag ag ag ag ag ag ag ag ag ag g ag aggg ag ggggggggggem eem em eem em eem em em em em em em em em em em em em em eemm em em em eeem eem em em em emm emm emm em emmmm emm em emm emmmmmmen en en en en en en en en en en en en en en en en en en enn enn enn eennnn ennn eee tttttttttttttttttttttttttttttttttttt
de de de de de de deeee dee deeee dee de deeeeeeeeee deeeeee deeeeeee deee ddeeal al aaaal al al al al al al alll al al aaaalllll aaal al aaal aaaaal al al al al aal aal al aal al aal al aaaaaal aaal aaal al aaal al aal al aal aal aa s. ssss. ss. s. sss. s. ssss. s. s. s. ss. s. sssss. s. sss. ss. ss. s. s. s TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTThe he he he he he he he he he he he he he he he he hhe he he he he e hhe hhe he he hh cccccccccccccccccccccccccccccccccccccccccccom om om om om oom om om om om om om om om om om om om om om om om om om om om ooom oooom om om om om om omm omm oommmmmmmpa pa pa pa pa ppa pa pa pa pa pa paa pa pa pppa pa pa paaa pa pa pa ppa pa ppaa pa ppa pa pa pa pa pa ppaa pppppaa pa ppaa pppa pa pppp ny ny ny ny ny ny ny ny ny ny ny ny ny ny ny ny y nnny nny ny ny ny ny ny ny ny ny aaaaaaaaaaaaaaaaaaaaaaaaaaaals ls ls ls ls ss ls ls ls ls ls ls ls ls ls llls ls ls ls ls sss ls ls ss ls s ls ls s lso o o o oo ooooo o o o o o o o oo o o o ooooo o ooo oo oo ooo is is is iis is is is is is is is is is is is s is is is is is is iis is s is is is iis issssss is s is is sss is s is sss is s is s is s bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbuui uui uui ui i ui ui ui uui ui uui uui ui ui ui uui uui ui ui ui ui i ui ui uuuuui uui ui i uui uui ui ui uuuuuuiiiii uui ui ui ui ii uuii ui illld d ld ld ld d ld ld ld ld ld ld ld ld d ld ld ld ld d ldd ld dd ldddd ld ld dd ld lld ld d ld dd llld ld ld ld lld ddd ld dd--------------
iin in inn in iin in in in in in in in inn in in innnn in in in in in iiin iin iiin in iinnggggggggggggggggggggggggggggggggggggggggggggg th th th th th th th th th th th th th thh th th th th th th tth th th t eeeeeeeeeeeeeeeeeeeee SSSSSSa Sa Sa Sa Sa Sa Sa Sa Sa SSa Sa Sa Sa Sa Sa Sa Sa SSa Sa Sa Sa Sa Sa Sa Sa Sa Sa SSSa Sa Saa Sa Saaaaaa Saaaala llla la la la la la la la la la a la llla a la la llla la la la aa la la la aaa la a la aaa la la la aama ma ma ma ma ma ma ma ma ma ma ma ma ma ma ma ma mma ma ma ma ma a ma ma ma aa ma ma a ma ma ma a ma ma ma maa ma mm nd nd nddd ndd nddd nd ndd nd nd nd nd nd nd ndd nd nd nd nd ndd nd nd nd nd nd nd nd nd nd nd nnnd nd nnd nd nndd nnndder eeer er eer er er er er er er er eer er eer er er er eer er er er er er er er err errrrrrrrrr er err RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRes es es es es es es es es es es es es es es es es es es es es eeees es es esss es ees ess ees ess es es eeeeeeesor or or or or or or or or or or oor or or or oor or or or or oor orr oor oor ooor or or or oor oorr or or oor or or or or or or or or or orrr oo tttttttttttttttttttttttttttttttttttttttttttttttttttttttttt && &&&&&&& &&& &&& &&&&&&&&&& &&&&&&&&&&&&&&&&&&& && &&&& & &&&&&&&&& &&&&&&&&&&&&&&&&&&& &&&&&&&& SSSSSSSSSSp SSp SSp Sp Sp Sp SSSSp Sp Sp Sp Sp Sp Sp Sp Sp Sp Sp Sp Sp Sp Sp SSp SSSp Sp Sp Sp SSp Sp Sp Sp SSp Spp Sp Sp Sp Spp Sp Sp SSppp Sp SSp SSSSp SSp SSSSppp SSSSp Sp SSSp SSSSSSp Sp SSp SSp SSpp Sp Sp Sppppaaa a a aaa aa a aaaa aaaaa aaa a aaaaaaaaaaaaaa a iin in in in in n in in in n in in n in innn in n in in in nnnn in in in nn in in iin in in in iinnn in in n in nnn in in nnn in in in n in nn in in nnn in nnn in n in in in
Mi Mi Mi Mi Mi Mi MMi Mi MMi Mi MMi Mi Mi Mi Mi Mi i Mi Mi Mi Mi Mi Mi Mi Mi MMMMMMi Mi MMi Mi Mi i Mi Mi Mi i Mi Mi Mi Mi Mi MMMi i M dd dd dd dd dd ddddd dd dd dd dd dd d dd dd d dd dd dd dd dd dd dd dd dd dd dd dd dd dd d dd dd dd dd dd dd dd dd dd ddd d dd dd dd dd dd dd dd ddddd d d lle le le lee le le le le lee le le le le le le lee le leee le lee leeeeeeeeeee leeebu bu bu bbu bu bu bu bbbbu bu bu bu bu bu bu bbu bu bbbu bu bu bu bu bbu bu bu bu bu bu bu bu bu bu bu bu uu bbbu burrg rg rg rg rg rg rg rg rg rg rg rg rg rg rg rg rg rg rg g rg rg rg rg rg rg g rg rg ggggggg,,,,,,,,,,,,,,,,,,, VVVi Vi Vi Vi Vi VVi Vi VVi Vi Vi VVVi VVVVi VVVi Vi Vi VVVi VVi VVi VVi Vi VVVVVi Vi Vi VVi Virg rg rg rg rg rrg rg rg rg rg rg rg rg rg rg rg rg rrg g rg rg rg gg rg rg rg rg ggggggggin in in in in in in in in in inn innn in in in in inn inn in iinn ii ia ia ia ia ia ia a ia ia ia ia ia ia ia ia ia ia ia ia ia ia ia ia ia iia ia a iia a ia aa ia ia aaaaaaa ia a ia aaaaa iaaaaaaaaaaaaaa..................
Ca CCa Ca CCa Ca Ca Ca Ca CCa Ca Ca Ca Ca Ca Ca CCa Ca CCCa Ca Ca Ca CCa Ca Ca Ca Ca Ca Ca Ca CCCa Ca CCa Ca Ca Ca CCa Ca CCCa Ca CCa Caaa Caaa Caaare re re rrrre re re ree re ree re re ree re rre rrre re re re re rrre re re rre ree re re re re re re re re reeeeeeer eeer er eer er er er er er er er er er er er er er er er er er er er er err err er er er er errrrr er hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhig ig ig ig ig ig ig ig iig ig ig ig ig ig g ig ig ig ig ig iig ig ig ig ig ig ig ig ig ig ig iig ig ig ig ig ig ig ig ig ig gg ig gggggggg ig ig ig gggg ig g ig g ig gg ig ig g ig ig ig g ig ig ig ig ig ig g ig ig g iiiggghhhl hl hhhl hhhhhl hl hhl hl hhl hl hl hl hl hl hll hl hhl hhl hhl hl hl hl hl hhhhhhhhhl hl hhhll hl hl hhhhhhl hhl hl hl hl hl hhhhhhhl hl hl hhl hhhl hl hhl hl hl hlig ig ig iig ig ig ig ig ig ig ig ig ig ig ig ig iiiiig ig ig ig ig iiig ig iig ig iig ig ig ig ig gggg ig ight ht ht ht ht ht ht ht ht ht ht ht ht ht ht ht ht ht ht ht hht ht ht hht hhhhhht htt hht t ht hhts: s: s: s: s: s: s: s: s: s: s: s: s: s: ss: s: ss: s: s:::: s: s: s: s: ssssss Fo Fo Fo Fo FFo Fo Fo Fo FFo Fo Fo Fo Fo Fo Fo Fo Fo Fo Foo Fo Fo Fo Foooooooo Foo FFoooun uun un un un uun uun un unn un un un uuun uun un un un un un uuuunnn un un un unnde de de de de de de de de de de de de de de de dee de de de de de dee de dee dee de de de de de dde ddde de derr r rrr rrrrr r r rrr rrrrr rrrrrrr an an an an an an aaan an annn an an an an an annn an an an an an an an annnnnnnn aaaan andddd ddd d ddddddddd ddddddddddd ddddd dddddddd
cu ccu cu cu cu cu cu cu cu cu cu cuuuuu cu cu cu cu cu cu cu cu cuu cu cu cu cu cu cu cu cu cu ccu cccu cuu cu cu ccccuuu cuu cuu cu ccu cu cuuuu cccuu cu cuu cuuuuu ccccu cu cuuuu ccccccccuu cccuu cuurr rr rr rr rr rr rr rr rr rr rr rr rr rr rr rr rr rr rr rr rr rr rr r rr rrr rrr rr rr r rr rr rr rr rr rr rr rr r rr rr r rr rr rr rrr rr rr rr rr rrrr rrr r rrrr rr rrrr rr ren een en en en en en en en en en en en en en en en en enn eeeen eenn en en en en en en eeeeen en eeen ennnn en een enn en en en en en en en en eeen en enn eenn ennnn ennn en en en ennnn en ennn eennn ennnnnnnnnnnn eenn en en en ennnnnn eeen enn ennnnnnnnnnn eeennnnnn eeeennnnnnn en en eeeee tt tttt tttttt tttttttttt tttt tt ttttttttttttttttttttttttttttttttttttttttttttttttttt tttttttttttttttttttttttt CE CE CE CCE CCCCCE CCCCCCCCE CE CCCEE CE CE CE CE CEE CCCCCCCCCE CE CE CE CE CE CCCCCCCCE CEE CCCCCCCCE CE CE CCCCCCCCCCCE CE CE CCCCCE CCCCE CEE CCCCCCCCE CCCCCCE CCCEE CCCE CCEE CCEE CCCCCCC O OOO OOOOOOOOOO O OO OOOOOOOO OOOOOOOOof oof of of of of of of of of of of of f ooooof of f oof ffffff of of of of SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSal al al al al al al al al al al aaal al aaal aalaaam am am aam am am am am amm am am am amm am amm amm am am amm am ammm am ammmaan an aan aan an an an an an an an an an n an an an n an an an aan an an an aaaan aan an ande de de de de de de de de dee dee de de deee de ddde dee ddde de ddde de de dde ddeeeeeee dddddde dddddd r r rr r rrrr rrrr rrr rr rrrrr r rrr Ho Ho Ho HHHo Ho HHHo Hoo Ho Ho Ho Hoo Ho Ho Ho Ho Ho Hoo HHoo Ho HHHo Ho Ho HHoo Ho Ho Ho HHH te te tte te te te te te te te te ttte e te te te te te te tte te te te te te te e t ls ls lls lssss ls ls ls lss ls lss ls lss ls ls lss ls ls ls ls ls ls llss ls ll
&&&&&&&&&&&&&&&&&&&&&&& & & &&& &&& &&&&&&&&&&&&&&&& & & &&& &&&&&& && & RRe Re RRRRRRRRRRRRe RRRRRRe Re RRe Re RRRe Re Re RRe RRRe Re Re RRRe Re RRRRe RRRRe Ree RRRRRRe RRe Reee Re RRe RRee Re RRe Re Reso so so so so so so so so so soo so so so so so so so so so so so so so so sso so so so soo so s t rt rt rt t rt rt rt t rt rt rt rt rt rt rt rt t rt rrt rt t rt t rt rt rt rt ttt rtt rt t rtttt rttttttt rrttttttttttttttttttt rtttts, ssss, ss, sss, s, s, s, s, s, ssssss, ssssssssssssss, ssssss, sss, s, sssss, sss, sssss, s, s, ss, s, s, s, s, s, ss, s, ss, s, sss, s, s, s, ss, ss, ss,, ss, s, s, ss, sss,,,,, MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMid id id id id id iddd idddd id id id id id id id idd id id id iiddddd id id id id id iidd id id id iid idd iid iid id iid iiid iiiidd id id iiiiiiid iiddd id iid id iid iddddl ddl dl dl ddl dl dl dl dl dl dl dl ddl dl dl dddl dl dl ddddl dl ddl ddl dl ddddd eb eb eeb eb eb eb eb eeb eb eb eb eb eb b eb eb eb eb eb eb eb eeb eb eb eb eb eb eb eb eeb eeb b ebur ur ur ur ur ur ur ur ur ur ur ur ur ur ur ur ur ur ur ur r ur uur ur r ur uur ur ur uuuuur ur uuuu g, g, g, g, g, g, g, g, g, g, g, gggg, g, g, gg, g, g, g, gg, gggg, ggggg,, gg,,,,, VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVir ir ir ir ir ir ir ir ir ir ir ir ir ir ir ir ir ir ir ir ir ir ir ir i gi gi gi ggi gi gi ggi ggi gi gi gi gi gi ggi gi gi gi ggi gi gi ggggi g nni ni ni ni ni ni ni ni ni ni ni nni ni ni ni ni ni ni ni ni nni i nni nnni n a; a; a; a; a; a; a; a; a; a; a; a; a; a; aa; a; a; a; a; a; a; aa; ; a; a; a; a; a; a; a; ;;;
fffffffffffffffffffffff dddddddddddddddddddddddddddddddd fffffffffffffffffff BBl BBBBl BBBBBBl BBBl Bl Bll BBBBBBBBB kkkkkkkkkkkkkkkk EEEEEEEEEEEEEE tttttttttttt tttttttttt iiiiiiiiii tttttttttttt co co co co co co co co co co co co co co co co co co co co co co co co cco co coo co co co co co co co co co co coo co co co coo co cco co co cco co cco coo coo cco-ff -ffffffffff -fffffffffffffffffffff -ff -f -f -ff -fff --f -f -ff -fffff -f -f -f -f -f -f -ff -f -f -ffffffffffffffffffffffffffffou ooou ou ou ou ooou ou ooooooou ooou ooou ooou oou ou ou ou ou ou ou ou ou ou oou ou ou u ou ou ou ou u ou u ou ou oou uu oou oou ou ou ou ou uuu ou ooou u ou ou oou ou ou ooou uuu oooooou ou ou u ou u d ndd nd nnd nd nd ndddddddd nddd nddd nd ndddd nd nddd nd nd nd nd nd nd nddd ndd nd nd nd nnd nd ndd nd nd nd nd nd nd ndd nnddddd nd nd nnddd nndd nd nnd nd nd nd nd nd nd nd nnnd nd nd nd nnd nd ndddd nnd ndd nnd ndd nder er er er er eer er er er er er eer er er eer rr eer er eeer er er eeer er er er er eeeeeer er eer er er er rr er er er er r er eer eer eer eer er er eeeer r eer r eeer er rr eer rrr ooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooofffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffff ff Bl Bl BBBBl Bl BBBl Bl BBl BBBl BBl Bl BBl Bl Bl BBBBBBBBBBl BBBl BBl Bl Bl Bl BBBBl BBBl Bl Bl Bl BBl Bll Bl Bl Bl BBl BBl Bl Bl Bll Bl BBBll BBBl BBBl Bl Bl Bl BBBl BBBBBl Bll BBBBBBl Bl BBl Bll Bl BBBBl BBBBllac ac ac ac ac ac ac ac ac aac ac ac ac ac ac ac ac ccc ac ac cc ac aac ac ac ac aac ac ac ac ac ac ac ac ac ac ac ac c ac ac ac ac aac aac ac ac ac aac aac ac ac ac aaaac ac aaaaac ccc ac c aac ac ac ac aaac aac ac ac ackkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk kkkkkk En En En EEn En En EEn En En n En En En En En En En En n En En n EEn EEn n EEEEn En nn EEnn En EEn En nn En En En EEEn En n En En n En En En En EEEn EEn nnnnn En EEEEEEEnn EEEEEEn EEn En nnnn Ennnnn En EEEEn nnnnnnnte te te te te te te te e te te te te te te tte te te te eee tte te te te te te te te te tte e tttteeeee ttttteeeeeeert rt rt rt rt rt rt rt rt tt rt rt rt rt rt rt rt rt rt rt rt rt rrt rt rt rt rt t rt rrt rrt rt rrrrt tai ai ai ai ai ai ai ai ai ai ai aai ai ai ai ai aaai aai ai i aaai ai ai ai i ai ai aai aa nm nm nm nm nm nm nm nm nm nm nm nmm nm nm nm nm nm nm nm nm nmm nm nm nmm nmmmm nmmm nm nm nm nnmmm nmmen en en en eeen en een en en en en enn en enn en en en en en eeen en enn enn en enn ee tttttttttttttttttttttttttttttttttttttttt
Te Te Te Te Te Te Te Te Te Te Te Te Te Te Te TTe Te Te Te Te Te Te Te Te Te TTe e Te TTe e Te Tee Te Te TTe TTTTe Te e Te Te Te e Te Te Te Te TTTTe Te Te e Te Te e Te eeee TTTTTe Te eeeeeeeee Te Te eeeee TTe Te Te Te Te Te Te Te Teee Te Te ee Te Te Te Te Te Te Te TTTe Te Te Te Te Te Te Te TTTe Te TTe Te e Te Te Te e Te TTe Te Te TTTTTTe TTee TTTTTTe TTTTTTe eele le lllle le le le le le le le lee lle le le lleeeeee le le leeeeeeeee le le lee lee le lleeeeeeeee le llllleeeeeeeeeeeeee le lllleeeeee leee le le llle le le le le le le leee le le lee le leee lee le le le lee lleeee lleeeeeeee le l i vi vi vi vi ii vi vvi viii vi vi vi vi vvi i vvvvvvviii vi vi vvvvvvii vvi vii vi vvvvvvviii vvvi vvi vvvvvi vi vvii vvvvvi vvii vi vi vvi vi vvi vi vi vi vi vi vi vi vi vvvi vvvi vvvvvi vvvi vvvvi vvi vi vii vvissii ssi sii sii si siiii ssi si si sssii ssi siii si ssssssssssiiiii ssssii sssssi ssssii si sssi sii si si si sssi si ssi si si si sii si si si ssi ssi si sssi si si si ssi si ssi si ssssii si ssi si ssssi ssi si si ss on on oon on on on on on on on onnn on oooon onn onnn onnn on oon on ooooooooooonnnnn onn onn on oooon oon onnnnn on oonn on on onnn on on oon onn on on on on on on on on on on on on oooon ooon on on onn on ooooon on on onnn on on on on on ooooonnnn ooooon on ooooon on on oon onn on oooon on oo ;;; ;;;;; ;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;; ;;;;;;; ;;;;;;;;;;;; th tth thh th th th th th thh thh th thh thh tthh th th tthh th thh tth tth tth th tth th thhhhh th tttth thhh thhhh thhhh th th th th th th th th th th tth tth th th th thh thh th th ttth th th th th th th tth th th thh th tth th tth th thh thh th th tth tth tth th thhh thh th th th th thh the eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeee eeee eeeee on on on on oon oon oon oon onn on on onn ooooon on oon on on on on on on onn oon oon on on oon on on on oon on on on on on on on on on on oon on on onn ooonn on on on ooon ooon on on oon oonn on on onlly lllllllllllllly lllllyy ly lly ly lyy ly ly lyy ly ly ly lly lyy lyy ly ly ly ly ly ly ly ly ly lyyy ly ly lyy ly ly ly ly ly llyy lyy lyy ly ly ly ly lyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAfr ffffffffffffffffffr ffr fr ffr fr ffr fr fr fr fr fr fr fr fr fr ffr fr ffr fr fr fr fr fr fr fr fr ffr ffr ffr frr ffr ffr fr fr fr fr fr ffr fr fr frr fr frrrr friic iicc iiiiic ic iccccc icccc ic iccc iiic icc icc ic icc ic ic ic ic icccc icc ic ic icc ic ic iccc ic iccc ic icccc icc iic iiic icccc iccccan aan an an aaaaan an an an an an an an an an n an an an aaaaaaaan an an an an an n an an an an n aaaaaaan an an an an n an nnn an n an aaaaaaaaaan nnn an an an an aaaaaan nnnnn aaaaaan n an an aaaan nn aaaann an aaan aan nn an aan n an aan aan an nn aaaan aaaan aaan aaaaan an n an aan an an an aaaaaaann aan aan aa AA -A -A A -A -A AAAAAA -A AAAAAAA -A A -A -A -A -A -A AAAAAAAAAAAAAAAAA -A AA -A -A AAA -A -A AA -A -A -A AA -A -A --A -A AAA -A -A -A -A -A -A -A A -A -A -A -A -A -A -A -A -A --A -A -A AAAAAAAAAAmme mmmmme mme me me me me me me ee me me ee me mmmmmme me me mmmmmmme ee me me me mmmme mme mmmeeeee mmmmmme e mmmme me me mmmme mmmmme me e mmme mmmmme ee mmmmmmmme me mmme eee mmme mmme me mmmmmme me mmmmmmmme me mmme me mme me mmme mee mmmmeeee mmeeeee mme e me eeeee me eeeeeeeeeeeee meeeeeeeeeeeeeeeeri ri rrii ri ri ri i ri ri ri ri ri ri ri ri ri ri ri rii ri ri ri ri rri ri rri ri ri rri rrrri r ca cccccccaaa caaa ca ca caa ccca ca ca caa ccccccccccccaaaa caaaaaaa cccccccca caaaaa ca caaaaaaaa ccccaaaa cccccca ccaaaaaaaaa ca ccccaaaaaaaa ccccccca caa cccaaaaaaa cccca ccaaaaaaaaaaaa cccccaaaaaa cccccaaa ccaaa cccccaaaaaaa ccccccaa ccaaa ca ccccccaaa cccca ccaaa ccccaa ccaannnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn
wo wwwwwwwwwwo wo wo wo wo wo wo wo wo wwwwwwwwwwo wo wo wo oo wo wo wo wo wo wo wo wwwwwwwwwwwo wo wo wwwwo wo wwwwwwwo wwwwwwwwwwwo wwwwwwwwwo wo wo wo wo wo wwwwwo wo wwwwwwo wwo wo wwwo wo wo wo wo wwo wo wwwwo o wwwwo wo wwo wwwwwwo wo wo wwwwwwwwo wwwwwwwwwwwwwwwwwwwo o wwwwwwwwwwo wo oma ma ma ma ma ma ma mma ma ma ma ma ma ma ma ma ma ma ma ma ma ma mma ma ma ma ma ma maa ma ma ma mma ma maa mmma maaa ma maa maa ma ma ma mma ma mmaa ma mma maa maa m n nnnnnnn n nnnnnnnnn nn n n nnnn nnnn nnn n n nnnnnnnnnnnnnnnn to to to to to to to to to to to to to o to to to to to to to oo tto to o to to to oo to to o to o to tto to o to o too to o to oooooooooooo to oooo to oooooo tto to oo hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhav aaav aav aav aaaav av av av av av av av av av av aav aaaaav aav av av aaaaavv av av aaavv av av aaav av aav av av av avv av av aav aav aaaaavv aav aav aa e e ee ee ee e e ee eeeeeee eeeee eeeeeeeeeee eeeeeeeeeee ow ow ow ow ow ow ow ow ow ow ow ow ow ow ow ow ow ow w ow ow ow ow ow ow ow ow ow ow w ow w ow ow ow ow ow ow ow w ow ow ow ow w ow w ow www oow ww ow ow wwwwwww ooow wwww owne ne ne ne ne ne ne ne ne ne ne ne ne ne ne nne ne ne ne ne ne nnnne ne e ne ne ne e ne ne e nne nnne e neeeeeee nee nee ne ers rs rrrrrrrs rs rs s rs rs s rs ss rs rrrs rrrs rs rs ss rs s rrrrs rs rss rs ss rs rs s rs ssss rs rrs rs s rs rs ssss rrs rs ssssss rrrs rsss rs rs rs sss rrs sss rss rrs rrs rs ssssssss rs sssss rs rs rs ssssss rssssss rrsss rs sss rrsss rs ssssssshhi hhhhi hhhi hhhhi hhii hi hi hhi hhhhi hhi hhhii hi i hhhhi hhhhhi ii hhhhhhii hi hhhhhhhhhi hi hhhhhhhhhhhhhi hhhhi hhhi hhhhhhhi i hi hhhhhhhhi hhhhhhhi hi hi hi hhhi hhhhi i hhhhi hi i hi hhhhhi hhhhhhhi hhhhhi hhi hhhhhhi iii hhhhhhhhhiii hhii hhi hhhhhhhhhhhhhhhi i hip pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppp p p pppp ppppppppppppppp ppppppppp pp pppppp ppppppppppppppppppp in in in in in inn in in innnnnnnn in innnnnnn innn in in innnn iin innn in in in in innnnnnn inn innnnnnnn innnnnnnn in innnnnnnn innnnn innnnnnn in in innnnnnnn innnn iiinnn iinn iiiinnnnn ttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttthhr hhhr hr hr hr hr hhhhr hr hr hr hr hr hrr hr hhr hr hr hr hr hhrr hr hhhhr hr hhr hhhr hr hrr hr hhr hhr hr hhhhhhhhhhr hhhhr hhhhhr hr hr hr hr hr hr hhhhhr hr hr hhhr hr hr hr hr hrr hr hr hhr hr hr hr hhr hhhhrr hrrrrrrree ee ee ee ee ee ee ee ee eeee ee ee ee ee ee ee ee ee eeee eeeeeee ee eeeeee ee ee ee ee ee eeeee eee ee eeee eee eeeeeee eeee eeee eee eeeeee eeeeeee eeeee eee ee eee
pr pr pr pr pr pr pr pr pr pr pr rr pr pr ppr pr pr pr pr pr r pr r ppppr pr pr pr pr r pr pr ppppr pr pr pppppr ppppppr ppppppr pppprr ppr ppr r pppr pr ppr pr pppppr ppr pr pr ppppr r ppppr pr pr ppr pppr r ppppppr rrr pr pr pr pppr pppppr pr pprr pr pr pr rr ppr pppppr ppr ppppr ppppr rrr pppppppppppppppppppppppppppppp of of of of of of of of of of of of of f of of of of f of of of of of of f of of of of of of of of of of of of of of of of of of of of of ooof ooof of ooof f ooof of f of oof f ooff ooooooooof of oooo es es es es es es es es es es es es es ess ess es es es es es es es es es es esss es es es ess ess es ees ess es ees es ess eeeeees eeees es es es ees eeeeeeee si si si si si si si si si si si si si si si si si si si si si si si si si si si si si sii si si ssssi sssssi sssi si sssssssssssss on on oon on oon on on on on onn on on on on on on on on oon on on on on onn on on on on on onn on on on on on onnnn onnnnn onnn onnnnal al al al al al aal aaal all all al al al aaaaaal al al al al al al al al all al al aal aaal aal al aaaaaaal a ssssssssssssssssssssssssssspo po po po po po po po po po po po o po po pppppo po oo po ooo po po po oooo p rt rt rt rt rrt rrrrt rrt rt rt rt rt rt rt rrrt rt rt rt rt rt rt t rt t rt rt rt rt rt rt rt rt rrrrt rt rt rt rrt rtsssssssssssssssssssssssssssssssssssssssssssss te te te te te te e te e te te te te te te e tte te tte te te tte tte ee te te te te te ee te te ttteam am am am am am am am am am am am am m am m am am am am am am am am am am m am am am am am am am am am ammm aamm am mm am am a s; s; s; s; s; ss; s; s; s; s; ; s; s; s; s; s; s; s; s; s; s; ; s; s; s; s; s; ; s; s; s; ;; s; s; s; s; ss; s; s; ss; fffffffffffffffffffffffffffffffffffffffffffffffiil il iil il il l il il iil il il il il il il il l il il il il il il il iiiiil il l il iiil il l il il llmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm
pr pr ppr pppr pr pppr pr pr pr pr ppppr pr pr pr pr pr pr pr pr ppppppr pr pr pr pppr r ppr pr pr pr r pr pr pr pr pr pr ppppr rr prr pr ppr pr pr pprrr pr pr pppppp od odd oddddd od od od od odd odd od od od odd od od od od odd od od od odd od od od od od od oood od ood od oood oood od ood od ooood odd od odd odd od odddduc uc uc uucc uc uc uc uc uc uc uc uc uc uc uc uc uc uc ucc uc uc uc uc uc uc uuc uc uc uc uc uuc uc uc uc uc uc uccc uc uc uc ucc uc uuc uu eer er eeer er er er er er err err err er eeeeeeer er er err er eeer eer er er errr er er eeeer er eer eeer er er err eeeeeeeerr eerrr eeeeeer wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwit it it it it it it ittttt ittt iit ittt it it it it itt itt iittt itttt it itt it itt iit it it ithhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh cr cr cr cr cr ccr ccr crr cr cr cccr crrrr cr crrrrr cr cr cr cr cr ccr ccr ccc ed ed ed ed ed ed ed ed ed ed ed ed ed ed ed ed ed ed ed ed edd ed ed ed ed ed eed edd eed e it it it it it itt it it it it it it it it itttttt it iit it it it it it it i ss ssss ssss ss ssss sss ss ssss ss ssssss ssssss ssss in in in in in in innn in in in in in iin iin in in incl cl cl ccl cl cl cl cl cl cl cl cl cl ccl cl cl cl cl cl l cl cl cl cl ccl cl l cl cl l clud ud d ud ud ud ud ud ud ddd ud ud ud ud ud d ud ud ud ud ud ud ud ud uud ud ud d uud ud d ud d udd udin in in in in in in in in in in in in in innnn innnnnnn innnnnnnnnnnn inngggggggggggggggggggggggggggggggggggggggggg T T T T T T T T T TT T T TTTTT T T T TT T T T T TT T T T T T TT T T TTT TTTTTTTTTTTThhhe he hhhhe hhhhhhhhhhe he e he he hhhe hhhe hhhhe eeee he he hhhhhe ee hhhhhe he he he he hee he e he he he hheee he he hhe eee he he he he e hhe he ee hhe he he ee he he he he e he e he e he
Ot Ot OOOt Ot OOt Ot Ot OOOt Ot Ot Ot Ot Ot OOOOOOt OOt Ot Ot Ott Ot Ot Ot Ot Ot Ot Ot Ot Ot Ot OOtt Ot Ot Ot Ot Ot OOOOt OOt OOt Ot OO he he he he he he he he he he hhe he he he he he he he he he he he he he he e he e he he he he eee he he eer r rrr rrr r r r rr rrrrrrrrrrrrrrrrr CCi Ci CCi CCCi Ci CCi Ci Ci Ci Ci Ci Ci Ci CCCi Ci Ci Ci Ci CCCCCi Ci Ci Ci Ci CCCi Ci Ci Ci Ci i Ci CCCCi CCCCi CCi Ci CC ty ty ty ty ty ty ty tty ty y ty y ty ty ty ty ty ty ty ty ty ty ty tty ty ty y ty ty yy ab ab ab ab ab ab ab ab ab ab ab ab ab b ab ab ab ab ab ab ab ab ab ab ab ab ab ab ab ab ab b ab ab ab ab ab ab aab ab b ab bb aaaab aaab aa ou ou ou ou ou ou ou ou ou ou ou ou ou ou ou ou ou ou ou ou ou ou ou oou ou ou ou ou ou ou ou oou ou oouu oooou ou ou ouu ou ooutt ttt tttt ttt t tt tttttttttttttttttt tt th th th th th th ttth th thh thhhh th th tth th tth th thhh th th th th th thh th th th th th thh th th th th th thh tth th ttth thh ttth tth theeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeee ee eee eeeeeeeeeeeee HI HI HHHHI HI HI HI HHHHI HI HI HI HI HI HI HHI HHHI HI HI HI HI HI HI HI HHHI HHI HI HHI HHII HHHHHHHHHHHHI HHHI HHHHHHHHHHHHHI HHHH V/ V/ V/ V/ V/ V/ V/ V/ V/ V/ V/ V/ V/ // V/ V/ V/ V/ V/ V/ V/ V/ V/ V/ / VV/ / VV/ V/ VV/ V AI AI AI AI AAI AI AI AI AI AI AI AI AI AI AI AAI I AI AAI AI AI AAI AI AI AAI AI AAAI AI AAI AAAAA DS DS DS DS DS DS DS DS DS DS DS DS DS DS DS DS DS DS DS DS DS DS DS DS S DS DS SS DS DS DSSS DSSS DS DS DDDS DS S DS DDD ccccccccccccccccccccccccccccccccccccri ri ri rrii ri ri ri rri ri ri rri ri ri ri rri ri rii rrri ri rriii risi si si si si si si si si si si si ssi si si si si sssssss sssssssssssssssssssssssssssss
in in in in in in in in iin in in in in in in in in in in inn in in in in in inn inn in i WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWas as aas as as as as as as as as as as as as aas as aas as as aaaas as aaas aas as as aas aas a hhhi hhi hi hi hi hi hi hi hhhi hi hi hi i hi hi hhi hi hhi hhi hhi hhhi i hi hhhhhing ng ng ng ng ng ng ng ng ng ng ng ng ng ng ng ng ng ng ng ng ng ng ng ng ng ng ng ng ng ng ng nng nng ggg ng g ng ng gg nng nng gto to to to to to to to to to to to to to to to to to to o to tonn nn nnn nnnnnnnnn nnnn n n nnnnnnnnnnnnnnnnnnnnnnnnnnnnnn D. D. D. DD. D. D. D. D. D. D. D. D. DDD. DD. D. D. D. DDD. D. D. D. D. D. D. DDDDDDDDD C. C. C. C. C. C. C. C. C. C. CC. C. C. C. C. C. C. C. C. C. C. C. CC. CCCC. C. C. CC. C. C. CCC ;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;; st st st st st st st st st st st st st st st st st st st st st st st st st stt st st stt stt st st st st st st sssssst st st st sst sst stra ra ra ra ra ra ra ra ra ra ra ra ra a ra ra a ra ra ra a ra ra ra ra a ra ra ra ra ra ra ra ra ra ra a ra a ra ra ra a raa rra rrra r ttte tte te tte e tte te ttte te te te tte te te te tte te te te te te te te te te te te te te eee te e te eegi gi gi gi gi gi gi gi gggi gi gi gi gi gi gi giii gi gi gi gi ggii gggggi ggggggi gggggggggggggi gggggggggggggggggggggggg c c ccccc c c c c cc c cc c cc ccccc cccccc ccccccccc ad ad d ad ad ad ad ad ad ad ad ad ad ad ad d ad ad ad ad ad ad d ad ad ad ad ad ad ad ad d ad ad ad ad ad ad ad d aad ad addd addvi vi vi vvii vi vi vi vi vi vi vi vi vi vi vi vi vi vvi vi vi vi vi vi vi vvi vi vi vi vi vvvvvii vvvi vvvi vi vi vvv so so so so so so so so so so sso so so o so oooooo so sso so oo so so so oooo so so oo soooo so oo sor rr rrrr rrr rrr rrr rr rrr rr rr rr rr
fo fo fo fo fo fo fo fo fo fo fo fo fo fo fo fo foo ffo fo foo fo fo fffo fo fo fo foor rrr rrr rr r r rr rr r rrr rrr r rrrrr mu mu mu mu mu mmu mu mu mmu mu mmu mu mu mu mu muu mu mu mmu mu mu mmu mu mu mu mu muu mu mu mmuuu muu muu mmmu mmmmu mmmmmult lt lt lt lt lt lt lt lt lt ltttt lt lt lt lt lt lt lt lltt lt llt lttttt lttt l ic ic ic icc ic ic iccc ic iccc ic icc icc iccc ic ic ic icc ic ic icccccuuul ul ul ul ul ul ul ul ul ul ul ul ul ul uul ul uuul ul ul uuul uuul uuuulllll uuul ulll ulll u tu tu tu tu tu tu tu tu tu tu tu tu tu tuu tu tu ttu tu tu tu tuu tu tu tuuuu tu tuuuu tu tu tu tuuura rra rra ra ra ra ra ra ra a ra aaaaa ra ra rrra rra ra ra a ra ra a ra rra ra a rrra aaaaa rrrr llllllll lllll lllllllllllll l aaaan an aan aaan an an an annnn an an an aan an an an aan aan ann aaaan an ann an aaann a dddddddddddddddddddddddddddddddd Af Af Af Af Af Af AAf Af Af Af AAf Af AAf Af f Af Af Af Af Af Af Af Af Af AAAAf Af AAf Aff Af AAf Af Af AAf Af AAAf Af Af Af AAAAf AAf AAf Af Af Af Afrri ri rii ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri rri ri ri riiii ri ri ri rrii rrrri ri rri rri rrri rrrrrrrrrrii rrrrrrr ca ca ca ca ca ca ca ca ca ca ca ca caa ca ca ca ca ca ca ca ca ca ca ca ca ca ca ca ca ca caaa ca ca ca ccaa ca ca ca ca ca ca ca ca caaa caaaa c nnnnn- n- nnn- n- - n- - nnn- n- n- nn- n- nn- - nnn- n- n- n-- n- n- nnnnnnn- nn-- nn--- nn AAAAAm AAAAAAm Am Am Am Am Am Am Am Am m Am Am Am Am Am Am Am AAAm Am Am AAm Am Am m Am AAAAAm Am Am Am AAm Am AAAm Am AAAAm Am Am Am AAAm m AAm AAAAm AAm AAA eeeeer er er er er eerr errrr er er eeeeeerr err er er er errr eer eerrrr errrr eeric ic ic ic ic ic icccc icccccccccc ic ic ic icc icc icccc iccccccccc ic ic iicccccccccccan an aan aaan an an an an an an an an an aan an aan an an an an an an an an an an aan an an an n an an annn an aannnn an nnnnnn annn annn
in in in in in inn in in in in in in in in in in in inn in iin in inn in inn innnn innn iin in innnnnnnnit it it it it it itttt it it it it it it it itt it itt ittt itt ittt it it iittt it ittttttt it itttiia ia ia ia ia ia ia ia ia a ia ia iia iia ia ia ia ia iia ia ia ia ia ia ia ia ia ia iiia ia ia ia ia ia ia a iia iati tti ti ti ti ti tii ti ti ti ti ti ti ti tti ti ti ttttiive ve ve ve ve ve ve ve ve ve ve ve ve vee veee ve ve ve ve vve ve ve ve ve ve vvee ve ve ve ve ve ve vve vve veeeeeeeeee vee veee ve vveeeee vees, s, s, s, s, s, ss, s, s, s, s, s, s, s, s, s, s, s, s, s, s, s, s, s, sss, s, sss, sssss AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAOL OOOL OL OL OL OL OL OL OLL OL OL OL OLL OL OL OL OL OLL OL OL OL OLL OL OL OLLL OLLLL OL OLL OL HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHuf uuf uf uf uf uuf uf uf uf f uf uf uf uf uf uf uuf uf uf f uuf uf uf uf uf uf uf uf uf uuuf uuuf uuuuuf uf f uuf uuf ufff uuu fi fi fi fi fi fi ffi i fi fi fi fi fi ffi fi fi i fi fi ffi fi fi fi ffi fi fi ffi fi fi fi fi fffffffi fffff ng ng ng ng ng ng ng nng ng nng ng ng ng ng ng ng ng ng ng ng ng nng ng ng ng nng ng nng ng ng ng nng ng ng ng ng ng nnng ng ng gg ng ng nggg ng ng ngto to to to to to to to to to to to to to to to to to to to to to to to to to to to to o to o to oo to oo to ooooo too tto tooo too to o to ttto ooo to to ttoo tonnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn Po Po Po Po Po Po Po Po Po Po Po Po Po Po Poo Po Po Po Po Po Po Po Po Po Po Po Po Poo Po Po Po Po Po Poo PPo Po Po Po Pooo Poooooo Po Poost st st st ssst sst stttt st st st st st st st st sstt st st st st st st stttt st st st ssst st st st sst st stt stttt st st ssssssst sssssss MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMeeed ed ed eed ed ed ed dddddddd ed ed eed ed eed ed ed ddd eed d ed d ed dddddddd ed ed ed ddddddd ed d eddddddd eeed ed dd edddia ia ia ia iaaa iaaaa ia iaa ia ia ia ia iia ia iaa ia ia iaa ia ia ia ia ia ia ia ia iaa ia iaa iaaaaaa iaaaa iaaaaa
GGr GGGr GGGr GGr Gr Gr Gr Gr Gr GGr Gr GGr Gr Gr Gr Gr Gr Gr Gr GGr Gr Gr Gr Gr Gr Gr GGGGr Gr Gr Gr GGr Gr Gr GGGr GGGr GGGr GGGGGGGr GGGGrou ou ou ou ooou oou ou ou ou u ou ou ou ou ou ou ou ou ou ou ou ou ou ou ou ou ou ou ou oou ou ou ou oou ou oou oou oou oou ooooooooooo p; p; pp; p; p; p; p; p; p; p; pp; p; p; p; p; p; p; pp; p; p; p; p; p; p; ppp; pp; pppp; ppp; ppp; ppppppppppp ggggggggggggggggggggggggggggggggggggloo lo o loooo lo lo lo lllo looo lo lo lo lo lo lo lo looooo looo looooo lo lo looooo loooobba bbbbbbba ba ba ba ba ba ba ba ba ba bba ba bbba ba ba ba ba bba bbbbbaa ba ba bbbba baaaaa baa baaa baaallllllllllllllllllllllllll am am am am am am am am ammm am am am am am am am ammmm aaam am am amm am am am am am aam ammmm aam am aaam aam am am am am am ammm amm am aa bbbba bbbba ba ba ba baaaa baa ba ba ba ba ba ba ba ba baa baaa bbbba bba ba ba bbaaa bbba bbaa ba bba bba bass ss ss ss ss ss ss ss ss ss ss ss ss ss ss ss ss ss ss ss ss ss ss ss ss ss ss ss sss ss ss ss sss ss ssssad ad ad ad ad ad d ad ad ad ad ad dd ad ad ad ad ad ad ad ad ad ad ad ad ad ad ad ad ad ad ad ad d ad dd ad dd ad ad dd aad d adddddd aador or oor or or oooor oor or or or or r or or or or or or or oor or or or or or or or or oor r or r or or ooorr oooor oor or or or ooooor or rrrr or or rr oo ffffffffffffffffffffffffffffffffffoor or or ooor ooor orrrr or or or or orr or or or ooor or or or or or or or orrr orr oor orr oorr or oor or orrr or orr orrrr oo CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCAAAR AAAAAAAAR AR AR AR AR RRRRRRRRR AAR AR AAR AAR AR AR RR AR AR AARR AAAR AAAR AR RRR AR R AR ARR AR AR AARR AR AAR AAR AR ARRRRRRR AR ARRRRRREE, EE, E, E, , E, E, E, EE, , E, E, E, EE, EE, EEE, E, E, EE, E, , E, E, EEEEEEEE, EE,
a a a a a a a aaaa a a a aaaaaaaaaaaaaaaaaaaaaa hu hu hu hu hu hu hhhu hu u hu hu hu u hu hu hu hu hu hu uu hu hu hhu hu hu hhu hu hu hu hu u hhu hu hhu hu hhu uuu hu hu hhuuu hhuuuuuu huma ma ma ma ma ma ma ma ma mma ma ma ma maa maa ma ma ma ma ma ma ma ma ma ma ma mma ma ma ma ma ma ma ma ma ma ma mma ma maa maa ma maaa ma maaa ma ma ma maa ma ma mmmmmaaanni ni ni ni ni ni ni ni ni ni i ni nni ni i ni ni ni ii ni i ni ni nni ni ni ni ii ni nni ni nni i nni nnnnnnnnn ta ttta ta ta ta taa taaa taa ta ta tttta ta tttta ta ta ttttta ta tttta tta ttta ta tttta ta ta tta tttaaa tarrri ri rrri ri ri ri rrrrri ri ri rrrri ri ri i rrrri i ri ri ri ri rrrri i rrii ri ri ri ri rrri rrr an an an an an an an an an an an an an an an an an an an ann an an an an an ann an an an an an an an an aan an an aannn aaaannn aaaaaaaaaa oooooooooooooooooooooooooooooooooooooooooooooooooooooooooorg rg rg rg rg rg rg rg rg rgggg rgggg rgg rgg rg rg rg rgg rg rg rg rg rgggg rggggggg rrg rgggggggg rg rgggg rgggg rggggan an aan an an an an an an annnn ann an an an annn an an ann ann an ann an ann aanniz iz iz izzz iz izz iz izzz iz iz izz iz iz izzz iz iz iz iz izz izz iizzzzz iizz izz iz iiz izz izat at at at at at at at at at at at at at att at at aat at at at at at at at at at at at at aat at at at aaaatt aaaaaatio io io io io io io io io io o io io io io io io o io io io io io io io io io io o io ooo io oo io io oooon n nn n n n n nnnnnnn nnn n n nn nn nnnnn nnnnnnnnnnnnnnn nn fi fffi ffffi fi ii fi i fi fi fffi fi i fi fi ffffi fi fi fi fi fffi fi fffi i fffi ffffffi i fii ffii fi f ggh gh gh gggggh gh gh gh gh gh gh gh gh gh gh gggh gh gh gh gh gh gh gh gh gh gh gh gh ggggh ggh gh gh gh gggh ggh gggh ggggh gggggggggh gh ggggggggh gg ti ti ti tttti ttti ti ti ti ti ti tttti ti tiii tti ti tiiiii ti ttti tti ti ti tti tiiii ti tiii t ng ng ng ng ng ng nnng ng nng nnng ng ggggg ng ng ng g ng ng ng g ng ng g ng ng nng ggggg ng ng nnng gggg ng ng ng nng ng ng ng ng nng g ng g ngg nggg ngggggg ng ggg nng nng nnnng nnggggggggg
gl ggl ggl gl ggl gl gl gl gl gl gl ggl ggl gl gl gl gggggl gl gl gggl gl gl gggggl ggggggggggggggl gggggggggggggggg ob ob ob ob ob ob ob ob ob ob ob ob bb ob ob ob ob ob ob bbb ob bb ob bbbbbbbbb obbbbbbbbbbbbbbbal al aal al aal aal all al al al al al aall al al al al al al aaal al aaal all al al al aal al aaal al al al aaal aal aaal all al a pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppov ov ov ov oov oooov ovv ov ov ov ov ovv ov ov ov ooov ov ov ov ov ov oov ovv ovv ooovv ov ov ovvv ov ov ov ovv ov ovvv ovv ov oov ovv ovv oov ov ovvv ov ovv ov ovvv ov oovvv o er er er er er er er er er er eer er er er er er err er er er er er eeer er er er er er eer er er er eeeeer er er err eer er eeeeeer er er eerr er e ty ty ty ty ty ty tty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty tty ty ty ty ty ty ty ty ty ty tty ty y ty ty tty ty ty ty ty y ty ty ty ty ty ty ty ty yyyy ty ty y ty y ty ty tty ty tty ty ty tyy bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbyy yyyyy y y y y y yyyyyyy yy y yy yyy yyyyyy yyy yyyy y y y yyyy yyyyyyy y y yyyyyy y yyyy yyyyyyyyyyyyyyyyyyyyyyyy eeeem eeeeem em em em em em em em em emm em emm em emm eeeeemm eeeem eeeeem emmm emmm eeeeeem em eeeeeeeeeeeeeeeem em eem emm em eem e pppo pppo po po po po po po po po po po po o po ooo pppo po po po o po po o pppo po po ppo po po pppppo po po po o po ppo po po po po ppo po o po ppo po po ppo oooo po poo pppp we we we we we we we we we we we we we we we we wwe we we we we we we we we we we we we we we we we we we we we we wwe wwe we we we wwe wwwe we we wwwwe wee wwe we w ri ri rri ri rrri rii ri ri ri ri ri ri ri ri ri ri rrri ri ri ri rii ri ri ri rii ri rrrrri ri ri ri ri rrri ri ri ri rri ri ri rri ri ri rrrrr ng ng ng ng ng ng ng nng ng ng ng nng ng ng ng ng ng ng g ng ng nng ng ng ng ng ng ng ng nnng ng ng ng nng ng g ngggg nngg ng ng g ng ng ng nnnng nnng nnng ng nng ngggggg wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwom om om om oom om ooom ooom om om om ommm omm om om oom omm om ommm oom oooomm ommmm ooommmm omm om omm om om oommm ooomm omm ooomm om ommm ooomm omm oommmm om ommmmm o en en en en en en en en en en en en en en en ennn en en een en en en en en en en en en en enn en en en en en en ennnnn enn en eeen ennn en en ennn enn;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
Pr Pr Pr PPPPr PPPr Pr Pr Pr Pr PPPPPPPPr PPPr Pr PPPr PPPr Pr Pr PPr PPPr Pr PPr PPPPP es es es es es es es es es es es es es es es es es es es es es es es es es es ees es es es es ees es es es es eeess es es es es es eeees ee id id id id iid id id id id id dd id id id id d id dd id dd id dd id d id d id id id dd id d id d id dd idddddddden en een en en en en en en en en en en en en en en en en en en een en en en en en en en enn en en en en eennn en en en en en en en en en en enn en ennnnnn enn en ennn eennntttttt tt tttttt tttttt tttttttttttt ttttttttttttt tttttt Ob OOOb Ob Ob Ob Ob Ob OOb OOb Ob Ob Ob b Ob Ob Ob bbb Ob OOb OOb Ob Ob Ob Ob Ob OOOb Ob Ob Ob bb Ob OOb Ob Ob Ob OOb Ob bbb Ob OOb b Ob OOb Ob Ob OOb Ob Ob b Ob Ob b Obbb Ob b OOb Ob Ob Ob Ob Ob Ob Ob OOOOO am am am am am am am am am am am am am am mm am am am am am am am am am am am am am mm am mmm am am m am mmmm am am am m am mmm am mm am am mm am mmm am mmmm am am mm am m am m am am m aam am mmmmm am am a a a a a a a aaaaaa a a a a aaaaaaa a a a a aa aa a a aaa aaa a a aa a a aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa sss sss s sss ssss ssssssssssssss ss ssssssssssssss Co CCo Co CCCo Co Co Co Co Co Co Co Co Co Co Co oooo Co CCo CCo CCo Co Co Co Co Co oo Co oo CCCo o Co CCo Co o Co o CCCCCo o Co o Co CCo CCo CCo o Co Co CCCo CCoo Co CCoooomm mm mm mm mmm mm mm mm mm mm mmm mm mmmm mm mm mm mm mm mm mm mm mmm mmmmmmmm mm mm mm m mm mm mm mm mm mmmm mm mmm mm mm mm mm mm mmmm mm m mm mmm m mm mm mm m mm m mm mm mm mm mmmm mm m mm mmmmmmmmmmmmmmmm mmm mit it it it it iit itttt it it iit itttttt it it ittt itt it it it it it it it itt it it iit ittt it it itt itt it itt it ittttt it itt iittttttttttttttte te te te te te te tte te te e te te te te te te te te e te te te te te te te tte te te te te te te ee te e te eeee tte e ttte te ttttttttttt eeeeeeeeeeeeeeee eeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee on ooon ooon ooooooonnnn onnnnnnn ooooonnnnn onn oooonn onnnn onnn oonn oon ooonnnnnnnn ooonnnn onn onnn ooonn ooooon o ttttttttttttttttttttttttttttttttttttttttttttttttthhhe he hhhhhe he he hhe he he he he he he he he e hhhhhhe hhe he he he e he he he he he he hhhhhe he hhhe he hhe he he hhe he he he he hhhhe hhhhhhhe hhhhe
Ar Ar AAAAr AAAAAAr Ar Ar Ar Ar Ar Ar Ar Ar Ar AAAAAAAAr Ar AAAAr AAAr Ar Arr AAAAAAr AAAAr Ar AAArr AAr Ar Ar AAr AAAAAAAAAAAAA ts ttts ts ts ts ts ts ts ts ts ts s ts s ts ts ts ts ts ts ts s ttts ts ts ts ts ts tttts ts ts s ts ts tts s ts sss tts ss ts ss ts sssss ts ts ssssss tsss aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaand nd nd nd nd nd nd nd nd nd nd ndd nd nd nd nd nd nddd ndd nd nnd nd nddddd nd ndd nd ndd nd nd nd nd nd nd ndd nnd nd nd nddddd nd nnndddddddd ttttttttttttttttttttttttttttttttttttttttttttttttthe he he he he hhhhe he he he he hhe he he he he he he he he he he hee hhhhe hhe he he heee he he he he he he he he he hee he he he he he he he hee he hee heeee hhhe hhhhe he heeeeeee HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHum uuum um um um um um um um um umm um um um umm um umm uum um um um umm um uum um umm uum um umm uum uumm um uum uuuummm uuuuuuuum uuumm uuuu aan aaan an aan an an annn an an an annnn aaaaaan an an an an ann ann aaaan aannnnn aaaan an an ann an ann aan an annn aaaaannnn ann an an an aaan annn anniit it it it itt ittt itttt it it it it ittt ittt it it ittt iitttt it itt iit itt it it iit it it it itt iit it ittt iit ittt iit ittt iitt it itt i ie ie ie ie ie ie ie ie ie iee ie ie iee ie ie ie iee ie ie ie ie ie ieeeee ie ieeeee ie ie iie iieee iiieees; s; s; ss; sss; s; ss; ss; s; s; s; s; s; s; s; s; s; ssss; s; s; s; s; s; s; s; s; ssss; s; sssssss; s; ssss; ssss; sssss; s; ss;; ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccha ha ha hha ha hha ha hha ha ha ha ha ha haaa haaa haa hhaaaaa hhha ha ha ha ha ha haaaa ha haaa haaa haa haa haa haa hhaaa hhaaaaaaaaaaaaaa haaa haaaaaair ir ir iiir ir ir ir ir irr ir iir ir irrr ir iir ir ir ir ir irr iiirr irrrr ir irr irrr iirrr ir ir irr iir irr irr ir ir ir iirr ir irr irr ooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooff f ffffffffff ffff f f f ff ff f fff f fffffff ffffff ffff ff ff tth th th th th th th tth thhh th thhhhh th th th tth th th thhhh ttth th th thh thhhhhh tth tthhh tth tth th thh tth tth th thhh th th th tthhhhhhheeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee
Bo Bo Bo Bo Bo Bo Bo Bo Bo Bo Bo Bo Bo Bo Bo Bo ooo Bo Bo Bo Bo Bo Bo oo Bo ooo BBo Bo Bo Bo BBo oo Bo Bo Bo Bo Bo ooo Bo oooooo BBo o Bo Bo BBoaar ar ar ar ar ar ar ar ar ar ar ar aar ar ar ar aar aar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar aar arr ar aaar ar ar ar aar aaar aar aaaarrdddddd dddddd d ddd ddddddddddddddddddddddddddd dddddddddddd ddddddddddd dddddddd oof oooooooof of of of ff of of oooof oooof of f of oof oof f of of f ooof of of oof of ff of of of of ooof ooof oof f oooff of of o GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGov oov ov ov ov ov ov ov ov oov ov ov ov ov ov ov ovvv ov ov ov ov ov ov ov ov ov ov ov ov ov ov ov ov ov ov ov ov oovvv oov ov ov ovvvvv ovv ovvv oov ovv ovvv ov ov ovvvv oov ovv oo er er er eeeeeeer er er er er er er er er eeeeeeeer er er er er er er er er er er eeeer eer er er er eeer err er eerrr eer eeerr eeeeerr er eeernno no no no no no no no no no no no no no no no no no no no no no no no no nno no no noo noo no nno no no no no nnno noo noo no nnoooo no no noo no nooo no nooo nooo noooooo noooors rrs rrs rs rs sss rs rs rs rs rs rs rs rs rs rs rs rs s rs s rs s rs rs rs rs rs rs rrs rs s rs rrrs s rs rrrs ss rrrss rs rs rss rs rs rs s rs rs ss rs sss rrs ss r ooooooooooooooooooooooooooooooooooooooooooooooooooooff f ffff f fffffffff ffffffffff ff fffffffffffff ffff ffffff Pa PPa Pa Pa Pa Pa PPPa Pa Pa Pa Pa Pa a Pa Pa Pa PPPPPa Pa Pa Pa Pa Pa Pa Pa Pa aa Pa PPa Pa PPa a Pa Pa Pa Pa Pa PPPPa Pa PPa Pa Pa PPPPa Pa Pa PPa PPa Pa Pa Pa PPPa Pa a PPPa Pa Pa aa Pa a PPa a P rs rs rs rrs rs rs rs rs rs s rs rs ssss rs s rrrssss rs rs rrs rs sssss rrss rs rs rs rs rs rrrs rrrrrs ss rrrrss rs rrsss rrsson on on on on on oon oon on on onnnnnn on ooon onnnn onnn onn oon oooon on on onn onnn on onnnn on on onn onnnnnnn onnnnnnnn onn onn onnnnn onss sss ssssssssssssssssssssssssssssssssssssssssssssssssssssssssss sssssssss ssssss sss TTh TTh TTTTTTh Th h Thh TTh h Th Th Th TTTTTTTTh Th hhhh Th hh Th Th h TTTh Th TThhh Th Th Th Th Th Th Th Th Th TTTTh Th hh TTTTh Th hhh Th TTTTTh hhhhh Th Th TTTTTTh Th hh Th Th Th Th Th h TThh Th Th TTTTTTTTTh h Th Th hhhh TTTh h TTTh TTTTTTTTh Th h TTTTTTTh Th TTTTTTTTTh TTTTTTTTTTTTTTTTTTTTTT eeeeeeeeeeeeeeeeeeeeeeeeee
Ne Ne Ne Ne Ne Ne Ne Ne Ne Ne Ne Ne Ne Ne Ne Ne Ne Ne Ne Ne Ne Ne e Ne Ne Ne Ne Ne Ne Ne Ne Ne Ne e Ne Neee Ne e Ne ee Ne NNNe NNeww wwwwwww wwwwwwwwww w wwwwwwwwwwwwwwwwww www wwwwwwwwwwwwwwwwwwwwwww wwwwwwwSc Sc Sc Sc Sc Sc Sc SSc SSc cc Sc ccccc SSSSc Sc ccccc Sc Sc Sc Sc SSc SSc c Sc Sc c Sc SSSc ccc Scccc Sc cc Sc cccc Sc Sc S ho ho ho ho ho hhhho ho ho ho ho ho ho ho ho ho ho ho ho ho ho ho hhho ho ho ho ho ho ho ho ho ho hho ho ho hoo hho ho ho ho hoo ho ho ho hooooooooo hoo hhoooooo hoo hhooooooooool ol ool ol ol ooooool ool ol l oooool ol ol ol ol ol ol ol l ol ool ol ol ol ol ol ol ol ol ol ooooool ool ool oool ol l ool ol oool ooool ooooooool ooll fffffffffffffffffffffffffffffffffffffffffffffffor or or or or or or or oor or or or or or or or or or or or or or or oor or or or or orr or or or or or or or ooor or or or or orr oor orr or orr orr o DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDes es es es es es es es es es es es es es es es es es es es es es es es es ess es es es ees es ees es es es es es es es es es es es es es ees es ess eees es es ess ees ess ess es es es eesss esig ig ig iiig ig ig ig ig ig ig g ig ggg ig ig gg ig ig ig ig ig ig g ig iiig ggg iig ig ig ig ig gggg iig ig iig ig ig ig g ig ig gggggggggnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn in in in in in in in in in n in nnn in in nnn in iin in in in in in nnn in in n in in iin in in n in iiin n in in nn in in inn in in in nn iin n NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNeeeeew eeeeeew ew ew ew ew ew ew w ew ew ew ew ew ew ew ew ew eeeeeeeeeeew ew ew ew ew ew ew ew ew ew ew ew ew ew ew eeeew ew eeeeeeeeeeeew ew ew ew ew eeeeeeew w ew ew ew ew eeeeeew ew eeeeeeeeeew eeew eeeew ee YYYYYYYYYYYYYYYYYYYYYYYYYYYYYor or or or or or or or or or or oor or or or or or or or or or or or ork k k k k kk k k k k kkk k kkkkkk k k Ci CCi Ci Ci Ci Ci Ci Ci Ci Ci Ci Ci Ci Ci Ci Ci i Ci Ci CCi Ci Ci CCity ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty y
MMi Mi Mi MMi Mi MMi MMMi MMi MMMMMMi Mi Mi Mi Mi ii Mi Mi Mi Mi MMMMMi Mi Mi i Mi Mi Mi MMi MMi MMMMi MMMMMi Mi Mi Mi Mi Mi MMMi MMMMi Mi MMMMi i Mi Mi MMMMi MMMi MMi Mi MMMi Mi iii MMMi Mii MMi MMi MMMMMMMMi Mi MMMMMMMMMMMM sc sssc sssc sssc sc sc sc sc sc sc sc sc sc sc sc sc sssssc sssc ssc ssc sc sc sc sc sc sc ssssssscc sc sc sssc scc sc ssscc ssssscc sc scc scc sc scc sc sc ssc sc scc scc sc sc sc sssc sc scc ssssssc s el el eeel el el el el el el el el el el el el el el el el el el el el el el el el eeeeel el el el el el l el el el el eel eel l el el l el el el eeel el eel l eeeeeel eell el el l eel l el eeell eeeellla lla la lla la la la la aaaaaa la llla la la la la a lllla llla la la la la a la aaaa la lla la la la la aaaa la la lla la lla a la la la a la lllaaa lla llllaa la aaa lane ne nne ne ne ne nne ne ne nne ne ne e ne eeeee ne ee ne ne ne ne ne ee ne ee ne ne nee ne ne eeeeee nne ne ne eeee nee ne ne eeeeeeeeeeeeee ne ee ne eoou ou ou ou ou ou ou ou ou ou ou ouuuuu ouu ouuuu ou ou ou ou ou ouu ouuuuu ou ou ou ou ouu ou ouuuuu ou ou ou ou ou ouu ou ou ou ouuu ou ou ou ou oou ou ou ou ou ouuuu oussssssssssssssssssssssssssssssssssssssssss sssssssssssss sss ssssssss ssssssssssssssss ssssss fa fa fa fffa fffa fffa ffa fa fa fa fa ffa fa fa fa fa fa fa fa ffffa fa fa fa fa fa fa fa a fa fa fa fa fa fa fa fa fa fa fa fa fa fa a fa fa fa fa fa a fa a fa fa fa fa fa fa fa fa fa aa fa fa aaa fa fa a fa a fa a fa fa fa ffa fa fa a fa ffa a fa fa faa fa aa fa fa fa aa fa fa aaaa ffa aaaa fa aaaaaa ffaa fa fa aaa fa fa ffffaaaact ct t cct ct ct ct ct ct ct ct ccccct ct ct ct ct ct ct cccct ct cct ct ct ct ct ct ct t ct ct ccct t ct t ct cct ct ct ct t ct ct ct ct ct ct t ct cct ct ct ccct ct ct t ct ccccct ct cct tt ct cccccccct ct tt ct ccccct cccccccct cccts: s: s: s: s: s: s: s: s: s: s: s: s: s: s: s: s: ss: s: s: s: s: s: s: s: s
Ac AAAc AAAAAc Ac Ac Ac Ac Ac Ac Ac AAc Ac Ac Ac Ac Ac Ac Ac Ac Ac Ac AAAAAAc Ac Ac Ac Ac Ac Ac Ac Ac Ac Ac Ac AAc Ac Ac Ac Ac Ac Ac Ac Ac Ac AAAc Ac Ac AAc Ac Ac Ac Ac Ac Ac Ac Ac Ac Ac Ac AAAAAAAc AAAAAAAAAcco co co co co co co co co co cco co co co co co co co co co co co co co co co co co co coo co co co co coo co co co co co co ccco co co cco co co coo cco cooo cco cco co co c mp mp mp mp mp mmp mp mp mp mp mmp mmp mp mp mp pp mp p mp mp mp mp mp mp mp mp mmp mp mp mp mp mp mp pp mmp mp mmmmp mp ppppp mp mp mp mp mmp p mmp mp mmmpp mp mmmp mp p mmmmp mpp mp ppp mpp mp mp mppp mmmpp mpp mmpplli llli li li li llllli li lii lli lli lii lliii lllii lli li li lli llll sh sssh ssh sh sh sh sh sh sh sh sh sh ssssh h sh sh sh sh sh sh ssh sh sh sh sh sh sh ssssh sh sh sssh sh sh sh ssh ssh sh sh hhhhh sh sh h sh ssh hhed ed eed ed ed ed ed ed ed edd ed ed ed ed eed ed ed ed ed eed ed edd ed eedd ed ed ed ed ed edd ed ed edd ed ed ed ed ed eddd ed ed ed eed ed ed ed ed edd ed ed ed ed ed eddd edd ed ed eddd ed ed edd eed ed edddd edd eed ed edd eeed edddddddddd edd edd vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvio io io io io io io io io iio io io io io io io io io io io iio io io io io io io io oo io o iio oooo io oooooo io oo io oo io o io io oooooooooooooooli li lii li liii llliii li llliiii li li li li llii li llii liii lli li li llliii lii li llli li li li lllli li li lii li lli lli l ni nni ni nni ni ni nni ni ni ni ni ni ni ni nni ni ni ni ni ni ni nnist st st st st st st st st st st st st st st st st sst st st st sst st wwwwwwwwwwwwwwwwwwwwwwwwwwwwit it it it it it iiit it it it it it it itt it it it iit it ittthhhhhhhhhhhhhhhhhhhhhhhhhh aa a aaaa aaa a a aaaa a a aa a a aaaa Ba Ba Ba Ba Ba Ba Ba Ba Ba Ba Ba Ba Ba Ba Ba Ba Ba Ba Ba Ba Ba Ba Ba Ba Bach ch ch ch ch ch ch ch ch ch ch ch ch ch ch ch ch ch ch ch ch ch ch chhh c el el el el el el el el el el el el el el el el el el el el el el ell elor or or or or or or or or or or or or or or r or oor or or or or or or or
ooooooooooof of f of ff of f ooooof oof of fff oof oooof of of of of oooofff ooooof of of oof of of oof f of ooff oooof ff of of oof of ooooooo AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAArt t rt rt rt rt rt rt rt rt t rt rt rt rt rt rrt rt rt rt rt rt rt rt rt rt rt rt rt rt rt rt rt t rrrrrt t rt rtt rt rrt t rt rttt rt t rt tt rt tt rtss ssssssssssssssss s ssssssss sssssssssss sssss sssss sssssssss sssss ss in in iiin in iinn inn iiin inn in in in in in in iinnn iinnn in innn inn inn innn in in iiin innn in iin in in innn innnn in iinnn in inn iinn innn inn inn iinn in inn in innn innnnnn mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmus uus us us us us us uss us us us us us us us us us us us us us us us us us us us us uuusss us us us uus us uss uus uuuss usssssssic ic iiic ic icc ic ic ic icc icc ic iic icccc ic ic ic ic ic ic icccc iiic ic icc ic ic ic iccc ic ic iicccccccccccc icc icc icccc icccc fffffffffffffffffffffffffffffffffffffffffffro ro ro ro rro ro ro ro ro ro ro ro ro ro rro ro ro ro ro ro ro ro ro ro ro rr mmmmmmmmmmmmmmmmmmmmmmmmmth th th th th th th th th th th th th th thh th th th th th th thhhe e e e e ee e e e e e eee eee eeee ee ee Un Un Un Un Un Un Un Un Un Un Un Un Un Un Un Un Un Un Un Un UUUn Un Un Un niv iv iv iv iv iv iv iv iv iv iv ivv ivv iv iv iv iv iv ivvv ivver er er er er er er er er er er er er er er er er er er er er er eerrsi si si si si si si si si si si si si ssi si si si si ssi si sssi s ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty y ty ty ty ty ty
oof of of of f of of f ooof of of f oof of of of of of of of of of of of of of oof of oof ff of oof of of oof of f of of f of ff of of of f of oof of of oof of ff of of f of f off of of ff oof f of of fffff of of ff of fff of fff ooofffff ooof ffff ooff oo IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIlll ll lll ll ll ll lll ll ll lll lll ll ll ll ll ll lll llllll ll ll lll lll lll lll lllll ll ll lll lllllll lllll llllllll lll ll lliiiiin in in inn iin iin in iinn in in in inn in in in in inn in in inn in inn in innn in in in inn in inn in innnn inn inn inn innn innnnnnnnnn inn innooi oi ooi oi oi oi oi ooi oi oi oi oi oi oi ooi oi oi oi oi ooi oi oi oi oi oi oi ooooi oi ooi oi oi i oooi i ooooooooi oisssssssssssssssssssssssssssssssssssssssssssssssss
AAg Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag Ag AAg Ag Ag AAg Ag Agg Ag Ag Agg Ag AAgg AAAAg Aggggggge: e: e: e: e: e: e: e: e: e: e: e: ee: e: e: ee: e: e: e: e: e: e: e: e: ee: e: ee: e: e: e: eee: e: e: e: e: e: e: e: : e 62 62 662 62 62 662 62 62 62 62 62 622 622 62 62 62 662 662 62222 662 662 62 62222 62 6222 6622222 6662222 66222 62 622 6622222 6622 62 6622 662 62 66222 6
TTTTTT A G A G A GG A G A G AA LAN LAN LAN LA CE CEE CE C AAT AT AT AT AT AT
SSSSSSSSSSHHHHHHHHHHHHHHEEEEEEEEEEEEIIIIIIIILLLLLLLLAAAAAAA JJJJJJOOOOOOOOOHHHHHHHHHNNNNNNNNSSSSSSSSOOOOOOOOOOOONNNNNNNNNNNNNNN SSSSSSSSSHHHHHHH
THE INTERVIEW: SHEILA JOHNSON
Her blog on The Huffington
Post website refers to Sheila Johnson as an
entrepreneur, philanthropist and filmmaker.
It should include budding hotelier and role
model for women who want to become
leaders in the hospitality industry.
Probably best known as a co-founder of
Black Entertainment Television (BET) along
with her ex-husband and prominent hotel
owner Robert Johnson of RLJ Companies,
Sheila Johnson, 62, has been learning the ups
and downs of hotel ownership and property
management since founding Salamander
Hospitality (now known as Salamander Hotels
& Resorts) in 2005 in Middleburg, Virginia.
Her yet-to-open fagship Salamander Resort
& Spa, a 340-acre equestrian-themed resort
near Washington, D.C., has been slowed by
the economy as well as the legal and political
pitfalls that come with developing a US$200
million hospitality complex. At the same
time, she is now just a few weeks away from
being able to show off her next managed hotel,
Fishing Lodge Cap Cana, a luxury resort in
the Dominican Republic owned by Spains
Corporacion Hotelera Del Mar. Her goal is
to further develop as a management company
known for repositioning distressed assets.
Johnson also is an owner in three
professional sports teams; a movie producer
who in 2010 released an acclaimed docu-
mentary about HIV/AIDS; an impassioned
philanthropist driven by the opportunity to
lift up impoverished women; and an accom-
plished violinist who is a fervent supporter
of the arts and education. Her toughest test
yet, however, might be hotelkeeping.
While she got her start in the hotel
THE INTERVIEW: SHEI E LA LA JJOH HHNSONN
www www www www. www. www. www. www ww www. ww www. www. www. www. www. www. www. ww wwww. www. www ww ww. www hote hote hote hote hot hote hote hot ot hhot hote hote hot hote ot hote ot hote te hote t hhhhhhhh t lsma lsma lsma lsma lsma sma lsma lsma mma sma lsma sm lsm sm sm lsma sm sm m sm ma sm s g.co g.co g.co g.co g.c g.co g.co g.co g.co co g.co g.co gg.co cc g m Se m m Se m Se mm Se S m Se m Se m Se m Se m Se m Se m Se Se mm ptem ptem ptem tem t ptem ptem pteee pt p ee p e ber ber ber ber ber be e 2011 20 2011 2011 011 11 011 22 11 201 HOTELS 43
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHeeeeeeeeeeeeeeerrrrrrrrrrr bbbbbbbbbblllllllllooooogggggoon n Th Th Th Th Th Th TThhe e Hu Hu Hu HHHu Hufff f in ington
PPPPo Po Po Po Po Po Po PPPPo PPPPPo PPPPPPPPP st st st st st tt wweb ebsi site te ref efers to She heil i a Johnson as an
eeeeeen en en eeeeeeeeen eee tr treppre r neur, philanth t ropist and filmmaker.
It It should include budding hotelier and role
mo mmmmm del for women who want to become
leaders in the hospitality industry.
Probably best known as a co-founder of
Black Entertainment Television (BET) along
with her ex-husband and prominent hotel
owner Robe be be e b rt r Johnson of RLJ Companies,
Shei iiila aa la aaa JJJJJJJJJoh oh oh oh oh oh oh oh h ohnns nnnnnnnnnn on, 62, has been learning the ups
and do do ooo do o do do do o down wn wn wn wn wn wn wn wn wn wn wn wn wn wn wn wn wn wn wn wn wn wwwwwwn wn nnssssss ssssssssss of hotel ownership and property
manaage ge geee ge ge gemmmmme mmmmmmmmmmmmmmmmmm nt since founding Salamander
Hosppit ittal al al al al l aa iiit ii y (now known as Salamander Hotels
& &&Reso so soo so s rt r s) in 2005 in Middleburg, Virginia.
He er r yet-to-open fagship Salamander Resort
& Sp Spa, a, aa, , aaaaaa 340-acre equestrian-themed resort
near r WWashhington, D.C., has been slowed bby y
the economy as well as the legal and politicall
pitfalls that come with developinggg aaaaaa UUUUUUUUUUUUS$ SSSSSSSS 200
million hospitality complex. At the sa aaaamme me me me me me me me mee mee me me me me me me
time, she is nowjust a few weeks away fro ro ooomm m mmmmmmm mmmmmmmmmmmmmm
being able to show off her next managed d ho ho oooote te te eee te eeeeee te e te e te tte ell, ll, ll, l, l, ll, ll, l, llll, lll, ll, ll, ll, lllll
Fishing Lodge Cap Cana, a luxury resort in
the Dominican Republic owned by Sp Spainss
Corporacion Hotelera Del Mar. Her goal iss
to further develop as a management compa aa pany ny ny ny ny ny
known for repositioning distressed assets. s. ss. ss.. ss
Johnson also is an owner in th hre re eee eee
professional sports teamms; a mmmmmmmov ov ov ov ov v ov ov ov v ov ooov oo ie ie ieeee ppppppro ro ro ro ro ro roooodu du du du du du du u dddd ce ce ce ce ce ce ce ce cce cerr rrrrrrrrr rrrrr
who in 2010 released an aac aaa cl clai ai ai i a me me me me me mmme me me mmmme me e mmmm dd d dddd d do do do do doo do ddo do doocu cu cu cu cu u cu cu ccu ccu----
mentary about HIV/AIDS DDDDDDDDDDDDDDD ; an an an an annnnnnnnnnn iiiiiiiiimp mp mp mp mp mmp mp mp mp mp p mp mmmmp mmmp mmmp mmmmm as as as as as as as ass as as aas as aa ssi si si si si si si ssi si si si ssiion on on on on on on on onnnnn on on on on on onnnnnnned ed ed ed ed ed ed ed ed eed eeed ed ed ed ed ed ddddddddd ed d
philanthropist driven byyy the he ooooooooooooooppp ppp pp pp pp p pp pp pp pp pp pp p pp p pp pp p ppp pppp pppppppppor or or or or or oooor or or or orrr or oorrr o tu tu tu tu tu tu tu tu tu tu tu tttu t ni ni ni ni ni i ni ni i nnnni iiiiiiiity ttty ty ty ty ty ty tyy ty tyy ty ty ty tyyyyy ttttttttttttttttttoooo o o o oo oo oooooo
lift up impoverished wom om om om omen enn en enn en en een;;;;;;;;;; aaaaaaaannnnn an aann aannn an an aan a ddddddddddddddddd dddddddddddd dddd d d d aaaaaan an an an aan an an an aan an aaan annn aaaaaaaaaaaaaaaaacc cc cc cc cc cc cc ccccccc cc ccc ccc cc cccc cc cc ccc ccccccom om om om om om omm om om om om omm omm om om om om oom om ommm om om ommmm-----
plished violinist wh w o o is is is ssssss is aaa fffffffffffffffffffffer er er er eer eeer er er er r er er rr er eeerrvvvvve ve vve ve ve ve veeeee vve vee vee veeeent nt nt nt nt nnt nt nt nt nt nt nt nt nt nt nnt nnnnt nnt nnnt ssssssssssssssup uup up up upppppppp up up up upppp upp upp upp upp uup upppppo po po po po po ppo po po o ppo ppo po oooooo po ort rt rt rt rt rt rt rt rt rt rrt rtter er eeer er er r er r er er er er er er er er eer rrr er eee
of the art rt rts an and ed edduc uc ucc u at at at at at at at at ttttt atio iio io io iiiiiii nnnnnnnnnn.. nnnnn. n.. nnn. nnn. nnnnnnnnnnnn HHHHHHHHHHHHHHHHHHHHHHHHHHeeeeeer eer er er er eeeer eeeer eer ee ttttttttttttou ou ou ou ou ou u ou uuuuuu ou uuu ou oou u ou uu ou ou oou ouggggh gh gh gh gh gh ggh ghh gh gh gggh gggggggh gh gh g es es es es es es essss es ee t ttt tt tt t ttttt ttte te te te te ttte te te tte ttte te test sst st st st st st sssss
ye ye yyyyyyy t, hhhhhow ow ow owwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwev ev ever er r er er,, mi mi mi mi mi migh gh gh gh gh gh ggh gh hhh gh h gh gh hhtt t t tt ttt tttt tt bbe be bbe be be bbeeee bbe beeeeeeeeeeeeeeee hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhot ot ot ot ot ot ot ot ot ot oot oot ottt ot ooot oot ooteeeel el el el el eeeel el el eelll el lll el ellll eel eelke ke ke ke ke ke ke ke ke ke ke kkke kke ke ke keeep ep ep ep ep ep ep ep ep ep eeep eeee iin iin in in in in inn innng. g. g. g. g. g. g. ggg
Wh Wh Whh Wh Wh Wh Whh Wh Whh Wh Wh Wh Whh Wh Wh Wh Whh Wh WWWWWWWh Wh WWWWW il iil il il il il il il iill il illl il ill ile eee e e eee ee ee sh sh sh sh h sh sh sh hh ss eeeeeeeeee go go ggo go go go go o go go o go go go o go go o gg tttttttttttttttttt he he he he hhhhhe he he he hhe hhhe he eeeeerrrrrrrrrr r rrr r rrr rr rrr rrrr st ssst st sst st stt sssttt st st sttt st st stttar ar ar ar ar aar ar ar ar ar aar ar aar r aaa t t ttt tt tt tt tt in in in in in in in in in innn in in in tttttttttttttttttttthe he hhhhe he he he he he he he he he hhhhh hhhhhhhhhhhhhhhhhhhhhot ot ot ot ot ot ot ot ot ot ot ot ottttel el el el ell el el eeel
High-profile entrepreneur
Sheila Johnson keeps her hotel
industry profile low for now as she learns
the business and creates a niche as a turn-around
specialist and dream weaver. By Jeff Weinstein
business by acquiring and turn-
ing around The Woodlands Inn in
Summerville, South Carolina, as well
as the Innisbrook Golf Resort near
Tampa, Florida, Johnson has struggled
in what she considers an old boys
network in her efforts to more quickly
develop her hotel portfolio. But this
consummate networker, supported by
company president Prem Devadas, is
determined to create an upscale hotel
portfolio known for quality.
HOTELS recently talked to Johnson
about her early experiences in the hotel
business as well as her perceptions
about the industry.
HOTELS: How did you end up in the
hotel business?
Sheila Johnson: I love hotels and
traveling, and it is not too far removed
from the entertainment business.
Owning BET I did so much traveling
and entertaining. After the sale of
BET, I wanted to start another career.
I bought the Harriman Estate in
Middleburg, and knowing the town and
its needs I decided this was a perfect
destination to build a resort. It has not
been an easy thing to do (a six-year
process, to date). But we have gotten the
permitting processes complete, and we
are about 67% into the building.
We also acquired Innisbrook as a
distressed property, put US$27 million
into it and did it in such a smart way that
it really changed the complexion of the
resort in the best way possible. That was
really where I put my frst hand into a
property, and we were able to make a dif-
ference. It showed us that we are good at
turning around properties in a distressed
state. Then we redid the Woodlands and
really put it back on the map.
H: Your personal philosophy includes
helping people in distress. Is that translat-
ing into your hotel operations?
SJ: Maybe. I can see the strength and
weaknesses not only in people, but in
properties. I see where to build on those
strengths and improve on the weak-
nesses. I have a special team with me, and
through consensus and collaboration we
are able to make things work.
H: Which of your skills have best
transferred into the hotel business?
SJ: First, the foundation in my life
has always been the arts. The arts have
been able to help me focus. I am extraor-
dinarily organized. I can see outside
the box and work outside the box. My
strengths are creativity and intuition.
From music to building a cable network,
I have been able to use those strengths.
I am not going to wear it on my sleeve,
but I do like perfection. I just want to
make sure that with anything I touch
people know it is me, that I have touched
this piece of property.
H: What are your impressions of the
hotel business some six years in?
SJ: It is much harder than I thought.
I thought it would be really an easy,
fun business for the third act of my
life. After getting into it, right away I
understood how hard it was to build a
resort from the ground up. You have a
whole community to deal with, from the
naysayers to those who want it. You are
RIGHT: Fishing Lodge Cap Cana includes
302 Mediterranean-style villas (220 available
to resort guests) with marina views and
designer furnishings.
ABOVE: Set on 340 acres in the foothills of the
Blue Ridge Mountains amid Virginias horse
country, the under-construction Salamander
Resort & Spa will feature 168 rooms and suites,
a 23,000-sq-ft (2,137-sq-m) spa and a full-
service equestrian center.
I want to be a front-runner in this and open doors for other women to come into this
business and replicate what I am doing. So many of these companies are male-run and all men.
Women can do this, too, and I want to set an example.
out there at the whim of the community.
Acquiring hotels is pretty easy, but it
is much harder to put your thumbprint
on it to make it work, to get out into the
community to really endear yourself
and understand its needs, and to win
over the employees to build trust so that
they understand you are not there just
to acquire a property but to show you
are vested in what you bought. I dont
just want to acquire and manage hotels
to build a portfolio. It is more than that
to me. I am taking a personal interest in
everything I acquire.
H: What do you see the industry doing
right and wrong today?
SJ: Those established properties are
sort of taking the traveler for granted.
They have to stay on top of their
games. We have gone through some
hard times lately, and because of that
I have seen a little bit of slacking off.
But now is the time more than ever that
we have to pay special attention to the
environment out there. Travelers are
demanding more, and we have to be
more aware of their needs.
H: You have been pretty low-profile in
the industry to date.
SJ: As a woman it has been tough to
get into the business we are talking
the David and Goliath story. If you
come back to us in fve years you will
know more about us. It is not that I am
trying to hide under the covers, but we
are focused on growth to get out there,
and it is not an easy thing to do.
H: What do you think about minority
participation in the hotel business?
SJ: I have been trying to get colleges
to get minorities into hotel training
schools so we can start hiring because
as we all know, most people who get
into the business have to work from
the ground up. I am actively looking at
trying to hire other minorities, but not
enough are being trained.
H: What is the current status of your
Middleburg property?
SJ: We are going to start moving
ahead carefully, as we still have to
watch where this economy is going.
This hotel is costing me a lot of money,
and there is no compromising here.
H: How do you balance running hotels
with your other businesses and interests?
SJ: It all ties back to the hotel busi-
ness. This is what is going to help
drive my base of clients for the hotels.
Networking is so important. I just cant
sit in a vacuum and run a hotel business.
You have to be out there in the commu-
nity, the country and the world.
H: Where will the management opportu-
nities come from for Salamander?
SJ: It could be distressed properties
where owners have seen our track
record of turning properties around. It
is starting to get recognized within the
community, and we are starting to see
people referred to us based on what we
have done.
Anyone would sell me a hotel
tomorrow. I dont want to own more
hotels now. I need to get this one in
Middleburg built, up and running. That
is where my main focus is right now. My
other focus is growing the management
company. It has been great to go down
to the Dominican Republic, to be able
to participate with the architects and
designers and help form the owners
dream. Now we are working on how
to best open the property and do the
marketing and PR to drive business.
H: Where do you envision Salamander 10
years from now?
SJ: It is not about the size. It is more
about the quality. I want it to be special
and unique. I dont want it to be so big
that I do a lousy job. I dont want to
ever fall on my face or fail on anyones
property that we are managing. Yes, its
okay if we end up with seven or eight
properties, as long as I can visit them.
My team is hands-on, and we have the
quality going that means more to me
than managing 100 hotels.
H: What are your criteria for new
hotel deals?
SJ: I defnitely look at location,
what is nearby and what traffc we can
bring to hotels. When the hotels in the
Dominican Republic came up, there
were fabulous owners of the same mind
we are, and they share the same vision.
Ownerships point of view is very impor-
tant to me, too.
H: What do you get out of the hotel
business personally?
SJ: It is a source of pride and a case
where there are very few women in
this position, and I take that on very
seriously. I want to be a front-runner in
this and open doors for other women
to come into this business and replicate
what I am doing. So many of these
companies are male-run and all men.
Women can do this, too, and I want to
set an example.
H: What do you do specifically to
empower women in your organization?
SJ: What I have seen elsewhere with
Sheila
Johnson
poses with
former U.S.
Secretary
of State
Condoleezza
Rice at
Innisbrook.
Posturepedic
Titanium
Alloy d Innerspring
StayTight
TM
Foundation CoreSupport
TM

Center
Introducing the next generation of Sealy Posturepedic
. With thoughtful, smart

and yet amazingly simple new additions like LiftRight Surround Handles that
wrap around the mattress. It makes changing sheets easier and repositioning
the mattress simpler.
Learn more at SealyHospitality.com or 800.777.2667, ext 106.
global hospitality
Posturepedic
LiftRight
TM
Surround Handles
assistants and the like is that they tend not to be included in
daily dialogue of the business. I have open communication. I
want even the secretaries in the offce to understand and know
what I am doing.
In my philanthropy I see things going on in the world that
reveal too much victimization of women and inequality
not only politically, but through gender-based violence and
health issues. I would like to some day set up a factory to help
make bed linens for a hotel, or something, and I would like
to employ women, and if they can learn the hotel business
through an internship, I would like to do that, too. I was in
Rwanda, and the president said they need help with service,
and I would like to start a service program to help the hotels
there, and vise versa through exchange programs. These
things can be done, and I have just started working on them.
H: What about the hotel industry intrigues you, and where does it
need to go next?
SJ: What the industry needs to watch is where this economy
is heading and how we can serve the needs of people who want
to come to our hotels. One thing that worries me is that the
industry is a little behind in technology. This is something I am
paying close attention to, and we are looking for a way to help
the hotel industry not through PR and advertising, but to
explore better ways to tell our guest-service stories. The key is
telling stories and connecting with people. I think we can do this
in the digital age, and it is something we need to explore.
Johnson reviews Fishing
Lodge designs with
Salamander President
Prem Devadas (center)
and CFO Dale Pelletier.
DESIGN
IMPRESSIVE F&B
OUTLETS, A MASSIVE
SPA, SPACIOUS
GUESTROOMS AND
CONTEMPORARY
STYLE ARE JUST A
FEW THINGS ON THE
MENU AT CORINTHIA
HOTEL LONDON.
FULL
PLATE
By Ann Bagel Storck, managing editor
DESIGN
say Corinthia Hotel Londons debut this past spring
was a big deal is a bit of an understatement. Not only is the
property a physically imposing presence it is a Victorian
landmark that dates back to 1885 it is located in the
heart of London, a short walk from the likes of Trafalgar
Square, the London Eye and St. Jamess Park. Guests
already have included top movie stars and business leaders,
not to mention that the hotel has hosted launch parties for
OPENED
GUESTROOMS
LOCATION
HISTORY
DEVELOPER
GENERAL MANAGER
LEAD INTERIOR
DESIGNER
RATE
MAY 2011
CENTRAL LONDON
OPENED AS A
HOTEL IN 1885
294
including
43 suites,
averaging 485
square feet
(45 square
meters)
between Whitehall
Place, Northumberland
Avenue and Great
Scotland Yard,
overlooking Trafalgar
Square and the
River Thames
later used by the UK
Ministry of Defence
INTERNATIONAL
HOTEL INVESTMENTS
PLC, MALTA
MATTHEW
DIXON
GA DESIGN
INTERNATIONAL,
LONDON
ABOVE
US$823
(500 BRITISH
POUNDS)
CORINTHIA
HOTEL
L O N D O N
To
Massimo Restaurant and Oyster Bar,
headed by Italian chef patron Massimo
Riccioli, is Corinthia Londons specialty
seafood restaurant.
DESIGN
several blockbuster movies. Corinthia
London boasts a number of impressive
F&B offerings in addition to a four-
floor, 35,521-sq-ft (3,300-sq-m) ESPA
spa and a Harrods boutique.
More than scale, what is unique is
that we have more facilities under one
roof than most of our peer hotels in
the city, says Simon Naudi, chairman
of CHI Hotels & Resorts, Malta, the
operating arm of International Hotel
Investments plc, which owns and oper-
ates Corinthia properties worldwide.
Also noteworthy is that the hotel
marks Corinthias entry into London,
which Naudi knows commands higher
visibility than almost any other market.
Its added a new dimension to the
brand in terms of our global position-
ing and serves as a platform for future
growth, he says.
Grand restoration
Naudi notes that Corinthia does not
buy trophy hotels it creates them
and Corinthia London was quite the
restoration. Although the property
originally was a hotel, more recently
it was a government building, and its
transformation required more than two
years and approximately US$494 mil-
lion (300 million British pounds).
The brief was to create a grand
contemporary hotel, says Edward
Davies, project manager at GA Design
International, London, which led the
interior design of the property. When
thinking of this and looking at the
building in its then-current state, it was
very apparent we would need to take it
back to its former footprint (as a hotel)
as much as possible. The previous users
had created a warren of mezzanine
foors and small offces throughout.
Over the years this building had
been tampered with and extended and
reorganized internally, so by the time
we bought it, it had nothing to do with
the way it was originally built, Naudi
adds. So the biggest challenge was to
recreate the generosity of the spaces
that was the hallmark of the original
hotel, especially on the ground foor
and in the bedrooms.
The building was gutted, reorga-
nized and rebuilt, Naudi explains. The
original hotel had 500 guestrooms, for
example, while Corinthia London has
Guests can enjoy
afternoon tea,
cocktails or
desserts in the
Lobby Lounge
beneath a soaring
dome and the Full
Moon chandelier.
Bathrooms are another point of emphasis
at the hotel, which aims for a high-end
residential look and feel.
Guestrooms emphasize natural light and
space, with an average size of 485 square
feet (45 square meters).
DESIGN
294 that average 485 square feet (45
square meters), some of the
largest guestrooms in the London
5-star market, Naudi says.
Davies characterizes the hotels over-
all design aesthetic as modern classic
in a grand style, and Naudi confrms
that the property was conceived as
a stylish and contemporary living
space. He highlights the Full Moon
chandelier in the Lobby Lounge as an
illustration of that idea: Created by
Parisian designer Chafk Gasmi and
produced by Baccarat, the chandelier
comprises 1,001 crystal baubles in a
futuristic, moon-shaped design. It
weighs two tons but feels as if it is foat-
ing up into the traditional glass dome
rising above our foyer, Naudi notes.
Naudi mentions the ballroom as
another example of the hotels timeless
design. We replicated the original
decorative ceilings but reinterpreted
them using silver leafng rather than
gold, he says. That does not appear
dated or old-fashioned, but rather,
fresh and graceful.
Varied offerings
Corinthia London also can boast that
it offers something for nearly everyone.
The massive Espa spa, for one, features
17 treatment rooms and unique offer-
ings like a vitality pool, ice fountain
and private sleep pods. Noted UK hair-
dresser Daniel Galvin has opened his
first salon outside his base in Mayfair
at the hotel, while Harrods has opened
its first hotel boutique there, featuring
a variety of luxury products.
The propertys F&B offerings are
just as varied. The Northall celebrates
the best of British artisanal produce
including Cumbrian short horn cattle
in addition to organic and biodynamic
wines. Massimo Restaurant and Oyster
Bar, meanwhile, serves seafood with
a Mediterranean fair. The main
standout is our authenticity, Naudi
The ballroom uses silver leafing rather than
gold to achieve a fresh, graceful look.
Garry Hollihead is at the helm of The
Northall, which celebrates the best of
British artisanal produce in addition to
organic and biodynamic wines.

The International Food & Beverage Forum is a world-wide non-profit association with the mission to enhance
global dialogue, knowledge, viable creativity and to foster the education of young hospitality professionals.
To live up to their mission, The International Food & Beverage Forum organizes every year four events, two
to increase their members knowledge of International Food & Beverage trends, a business meeting and their
signature event The International Food & Beverage Forum Hall of Fame Summit in Las Vegas. This event is
organized to raise scholarships for students in the hospitality industry.
This years The International Food & Beverage Forum Hall of Fame Summit will be held in Las Vegas,
Nevada, from November 16
th
to the 19
th
and features:

For more information about our auction and the event, please visit: www.ifandbforumhalloffamesummit.com
The International Food & Beverage Forum is supported by:

Culinary Master Classes
Two Culinary demonstrations
feature four internationally
renowned Master Chefs
preparing their favorite dishes
Master Chefs Dinner
At this event members and invited
guests can meet with internationally
renowned Master Chefs and wine
makers in a casual setting.
IF&BF Hall of Fame Induction
This six-course Gala Dinner is held
at the Copa Room in Las Vegas
and includes an Operatic Concert
and a live Auction
IF&BF Hall of Fame Society Dinner
At this event 40 wines are paired with
dishes prepared by eight internationally
renowned Master Chefs
Grand Gourmet Wine Safari
40 wines are paired with dishes
prepared by eight internationally
renowned Master Chefs. This
event also features a live auction.
IF&BF Hall of Fame Auction
Over 100 hotels donate stays &
meals, plus a lage number of wines
and special dinners are auctioned off
in order to raise scholarshipfunds.
IF&BF Hall of Fame Honorees
This year Reto Wittwer, President &
CEO of Kempinski Hotels S.A. and
Jol Robuchon, Matre Cuisinier de
France will be honored.
DESIGN
says. Our restaurants are grounded in provenance, refecting
sincerity in approach.
Naudi calls Bassoon, the musically inspired bar designed
by David Collins Studio, itself a work of art thanks to
its 23-foot (7-meter) bar that also is a working grand piano.
Guests can sip molecular cocktails or colonial-inspired
drinks there or head over to the Lobby Lounge, which offers
drinks plus desserts and afternoon tea.
Despite its wealth of amenities, however, both Davies and
Naudi identify openness and light in particular as the biggest
surprise upon the renovations completion. We didnt realize
quite how much daylight would emanate to the center of the
public spaces, Davies says.
Theres a strong sense of light and brightness to the
building all around inside, which is not quite what you
expect from old Victorian buildings, Naudi adds.
Guest takeaways
Naudi says the United States, the Middle East, the Far East
and Europe all have been huge markets for the hotel since it
opened. He expects about a 50-50 split between business
and leisure travelers for the property, which he says has
started well. Although he declines to discuss specifics in
terms of occupancy, he says average rate is above US$823
(500 British pounds).
We are positioning the hotel to compete at the very high
end of the London market, and our rates will follow the trend
of the 5-star deluxe competitive set, Naudi says. We have
achieved our goals thus far, and we look forward to 2012
especially with the Jubilee celebrations and the Olympics.
When it comes to what he hopes guests take away from
the hotel, though, Naudi highlights something much simpler
than any of Corinthia Londons impressive design elements
or other luxurious details. We like to give the sense of being
in a boutique environment within a grand hotel, he says.
We want our guests to leave with a sense of having been
treated to serenity and luxury delivered with honesty and
sincerity. Above all, we want them to have befriended our
colleagues in the hotel.
Corinthia Londons ESPA spa
spans four floors and features
17 treatment rooms.
Industriestrae 1-7 | 48703 Stadtlohn
www.tenbrink.de | info@tenbrink.de
Complete adherence to budget and schedules, the highest
quality standards and very fast renovation times - all this is
made possible thanks to Tenbrinks shortest possible renova-
tion time concept! What sounds like every hoteliers dream
is the result of many years of practical experience and ex-
tremely exact planning. By carrying out all jobs through one
source and by using a very high level of resource manage-
ment, with the STR
concept, we are able to take your hotel

to pole position in a record-breaking time. Of course, all this
takes place while your hotel is still in full operation. After
all, experience makes a big difference. Tenbrink - complete
made-to-measure solutions!
As fast as lightning -
the STR

concept from
Tenbrink.
w
w
w
.
b
e
c
k
e
r
a
n
d
f
r
i
e
n
d
s
.
d
e
F&B: GREAT HOTEL RESTAURANTS
Todays hottest F&B trends seasonal
and local ingredients, open theater kitchens
and the happy marriage of traditional elements
with modern touches, to name just a few
are reflected in this years 10 Great Hotel
Restaurants, which were chosen using criteria
including food and service quality and value for
the price. However, in many ways these winning
examples are much greater than simply the sum
of their parts.
A Great Hotel Restaurant offers an experi-
ence of culinary delight, warm ambience in
beautiful surroundings but, more especially, an
absolute feeling of contentment for quite a few
hours after the meal has fnished, explains Ilan
Rudich, managing director of Development
Resources Ltd. and part of this years interna-
tional panel of judges.
The recognition and welcome that greet you
on arrival, the follow-up that takes place during
your meal and the warm and friendly farewell you
receive when you leave are what make a Great
Hotel Restaurant, agrees Patrick Willis, chief
operating offcer of Marlon Abela Restaurant
Corp. and another of this years judges.
Almost all of the 2011 Great Hotel
Restaurants are relatively new to the scene
all but two are less than 20 years old several
display the versatility of serving breakfast,
lunch and dinner and most offer memorable
locations in addition to fabulous food. Perhaps
most important, though, is the commitment of
Endless
Reflecting both timely
trends and timeless
traits, the possibilities
are limitless for this
years Great Hotel
Restaurants.
By Ann Bagel Storck,
managing editor, and
Mary Gostelow,
contributing editor
Studio at Montage Laguna
Beach in California is a
free-standing restaurant
perched on a bluff over-
looking the Pacific Ocean.
each restaurants team to achieve greatness.
The winning factors for a hotel restaurant
are a mix of design, determination and desire,
says Stefan Breg, a judge and chief worrier at
TRIBE Restaurant Creators. By design, we
mean concept, menu and interior all underpinned
by solid market understanding. But even the
greatest of designs will be undone if not supported
by the sheer determination and desire to succeed
by allstakeholders from kitchen to greeter to
owner and GM and all associated management.
HOTELS magazine and sponsor Villeroy &
Boch are proud to continue an annual tradition
of honoring these Great Hotel Restaurants, all
of which will receive a porcelain brule parfum
in tribute.
horizons
What makes a Great Hotel Restaurant?
This years honorees were
chosen based on the
following criteria:
Operational for at least
a year
Operated by a hotel
(of any size and with or
without a brand) or with
minimal assistance from a
consultant or celebrity chef
Meets its intent (if it
is called a steakhouse, it
must not be all-Italian)
Busy, with outside as
well as in-house diners
Suitable (a bistro
should not try to be
Michelin three-star
establishment) welcome,
service, food, drink
and dcor
Great overall ambience
and experience
Value for the price
Prompts diners to return
Year opened: 1924
Meals served: Breakfast, lunch and dinner
Seats: 50
Average dinner check: US$163
Chef/culinary team: Executive Chef Michel Louws,
Executive Sous Chef Scott Brown
Menu focus: Seasonal produce at its best along with New
Zealand fish, game, lamb and beef
Sample dishes: Harakeke game pt with grape chutney and
Dijon mustard; slow-cooked leg of duck with cinnamon lentils and
mandarin dressing; New Zealand fish pie of crayfish, scallops and
parsnip; New Zealand cheese selection
Standout design features: Candle-lit, intimate dining that
can be both indoor and outdoor, according to the season
What makes it great: Distinctive New Zealand cuisine served
in a beautiful, romantic setting
Year opened: 2008
Meals served: Breakfast, lunch and dinner
Seats: 300
Average dinner check: US$78
Chef/culinary team: Chef Andreas Fuchs
Menu focus: Western, Chinese and Japanese cuisine prepared
in multiple show kitchens and served from one menu divided into
simple categories including grill, stove, steam and wok
Signature dishes: Sashimi platter, Shanghai dumplings,
beef steak, oysters
Standout design features: Gigantic, cloud-inspired plaster wall
murals; 82-foot (25-meter)-high floor-to-ceiling windows offering views
from the 91st to 93rd floors of the hotel; and swirling onyx mosaic
flooring all covering a sprawling 31,000-sq-ft (2,870-sq-m) space
What makes it great: Trendy ambience in addition to a great pre-
sentation of an impressive food selection
Huka
Lodge
Taupo,
New Zealand
100 Century
Avenue
Restaurant
Park Hyatt Shanghai
Shanghai
CONGRATULATIONS
Villeroy & Boch salutes the 10 Great Hotel Restaurant Award Winners 2011
Villeroy & Boch Tableware Division
3A South Middlesex Avenue
Monroe Twp., NJ 08831
Tel.: + (1) 609 578 4300
Fax: + (1) 609 655 2405
E-mail: hotel-r@villeroy-boch-usa.com
100 CENTURY AVENUE
RESTAURANT AND DINING
ROOM
Park Hyatt, Shanghai, China
IL RISTORANTE
The Bulgari Resort, Bali,
Indonesia
KAZAHANA
Conrad, Tokyo, Japan
LA TERRAZZA DELLEDEN
The Eden, Rome, Italy
LE CINQ
Four Seasons George V, Paris,
France
ONE-O-ONE
Sheraton Park Tower, London,
England
STUDIO
Montage Laguna Beach,
California, USA
THE RESTAURANT
Huka Lodge, Taupo, New Zealand
THE RESTAURANT
AT THE SETAI
Miami Beach, Florida, USA
THE STEAK HOUSE
WINEBAR + GRILL
InterContinental, Hong Kong SAR
Year opened: 1994
Meals served:
Lunch and dinner
Seats: 82
Average dinner check:
US$191
Chef/culinary team:
Executive Chef Fabio Ciervo
Menu focus:
Italian with international
influences
Signature dishes: Dover sole,
medallion of lobster with its sauce
Standout design features:
Mirrors that help achieve an open,
airy ambience and maximize the
restaurants breathtaking view; a
new lighting system using antique
wall lamps; new furnishings high-
lighting refined grey tones with
touches of black and gold
What makes it great:
Stunning location and
impeccable service
Year opened: 2006
Meals served: Dinner
Seats: 36
US$150 for five courses
Chef/culinary team:
Chef Maurizio Bombini
Menu focus: Creative reinterpreta-
tions of classic Italian dishes
Signature dishes: Grilled Wagyu
ribeye steak with fennel pure, confit of
beef and truffle lasagna Sedanini with
clams, porcini mushrooms, tomato
coulis and botargo
Standout design features: An
open-air structure suffused with soft
light situated next to an ornamental lake
What makes it great: A good
menu and very good service in a
magical setting
Il Ristorante
The Bulgari Resort
Bali, Indonesia
Year opened: 2005
Meals served: Lunch
and dinner
Seats: 82
US$195-US$235
Chef/culinary team:
Head Chef Masanobu Inaba
Menu focus: Traditional Kaiseki,
Tokyo-style sushi with fresh
seafood from Tsukiji Fish Market
and Teppan, food prepared in front
of guests
Sample dishes: Kaiseki:
Mukouzuke dish, soup, assorted
sashimi, grilled dish, simmered
dish, seasonal dish, rice and
dessert; sushi: appetizer, sashimi,
assorted grilled dish, eight pieces
of sushi, rolled sushi, miso soup
and dessert; Teppan: appetizer,
clear soup, sashimi, seasonal
seafood, sauted vegetables,
salad, Japanese Wagyu beef, rice,
miso soup and dessert
A traditional Japanese Sumie
painting as the motif, panoramic
views of the Royal Hamarikyu
Gardens
Exceptional Japanese cuisine
served in a modern interpretation
of a Japanese cellar
La Terrazza
dellEden
Hotel Eden
Rome
Kazahana
Conrad Tokyo
Tokyo
Please visit us at IH/M&RS 2011 in New York (Nov. 13th - 15th), Booth # 2508
Year opened: 2005
Meals served:
Breakfast, lunch and dinner
Seats: 120
Average dinner
check: US$86
Chef/culinary team:
Executive Chef David
Werly, Chef de Cuisine
Mathias Gervais
Menu focus: Authentic
Asian via preparations
using the wok, the tandoor,
curries and the rotisserie
combined with classic
European dishes
Signature dishes:
Yuzu-marinated yellowtail,
mirin and sake hearts
of palm, hijiki, avocado
and mango; homemade
foie gras torchon with
Sauternes jelly, apricot
compote and Vincotto;
Indian tandoor-roasted
Chilean sea bass mari-
nated with mint, cilantro,
serrano pepper and yogurt
served with tamarind sauce
Standout design
features: Open theater
kitchen, Shanghai bricks,
artwork from Christian de
Laubadere
Setting new trends for the
Miami Beach area
Year opened: 1999
Meals served: Breakfast,
lunch and dinner
Seats: 50
US$318
Chef/culinary team:
Executive Chef Eric Briffard
Menu focus: Contemporary
French cuisine with a Japanese
touch focusing on fresh,
seasonal ingredients
Signature dishes: Duck
foie gras from the Landes
region roasted with Sarawak
black pepper and served with
rhubarb and garden strawber-
ries in elderberry juice; blue
lobster pot cooked over salt
with seaweed and natural juice
and served with slow-roasted
fennel with kumquats; veal
sweetbreads with licorice and
baby girolles braised in cream
from Alpine pastures;
iced meringue shell with
rhubarb, wild strawberries
and raspberries
Standout design
features: Soft tones of gold
and grey suggesting a dining
room in a private chateau,
two Louis XIV cupboards and
golden Louis XVI medallion
chairs with Regency tables
and mahogany console tables,
French classical draped
curtains, gold embossed
velvet armchairs, two massive
Regency mirrors in sculpted
golden wood reflecting the
Marble Courtyard
Excellent food and
service coupled with
very artistic design
Le Cinq
Four Seasons
Hotel George V
Paris
The
Restaurant
The Setai
Miami
Year opened:
1998 (refurbished 2007)
Meals served:
Breakfast, lunch and dinner
Seats: 96
US$107
Chef/culinary team:
Executive Chef Pascal Proyart
Menu focus: Seafood with
French, Mediterranean and
Asianinfluences
Signature dishes:
Norwegian red king crab legs,
lobster salad, whole wild sea bass
baked in a crust of Brittany sea
salt, shellfish in a champagne
butter sauce with sea lettuce
mash
The Oyster Table in the
restaurants lounge
Vibrant, fun and tasty offerings at
all three meals
One-O-One
Sheraton Park
Tower
London
s t a y i n g a h e a d !
M
A
D E
B
Y
Induction food warmers hot plates plate &
cup warmers carving stations heating bridges
G. Scholl Apparatebau GmbH & Co. KG
Phone: +49(0) 26 61/98 68-0
Web: www.scholl-gastro.de
E-mail: info@scholl-gastro.de
Precise temperature
control of dishes
You choose
the buffet-design
we provide
the technology
Individual solutions
thanks to the
modular system
Effortless installation
Continuous
temperature control
Purposeful energy
consumption
enables high cost
effectiveness
inductive warming technique
for buffets and food counters
Install Hold-Line
World first
RTCS
mp
Realtime Temperature
Control System
World first
inductive warming technique
for buffets and food counters
P
r
e
c
i
s
e

t
e
m
p
e
r
a
t
u
r
e

c
o
n
t
r
o
l

o
f

d
i
s
h
e
s

P
r
e
c
i
s
e

t
e
m
p
e
r
a
t
u
r
e

c
o
n
t
r
o
l

o
f

d
i
s
h
e
s

For more information visit us at www.scholl-gastro.de
excellent quality always
HOTELS
m
a
g
.
c
o
m
HEAR WHAT THESE
INFLUENTIAL PEOPLE
ARE SAYING, CHECK
OUT THEIR BLOGS AT
Bart Berkey
Senior Corporate Director, Eastern Region Global Sales Ofce
RITZ-CARLTON HOTELS
James Butler
Partner
JEFFER MANGELS BUTLER & MITCHELL LLP
(JMBM) GLOBAL HOSPITALITY GROUP
Peter Joehnk
Founder
JOI-DESIGN
Keith Kefgen
Chief Executive Ofcer
HVS EXECUTIVE SEARCH
Andrew Labetti
General Manager
THE BENJAMIN, NEW YORK CITY
Burns Patterson
Executive Vice President
MIDDLETON & GENDRON
Chris Pulito
Chief Operating Ofcer
MIRBEAU HOSPITALITY SERVICES
Nanci Sherman
Hotel Strategist
CURE FOR THE COMMON HOTEL
Ivanka Trump
Executive Vice President of Development & Acquisitions
THE TRUMP ORGANIZATION
Jeff Weinstein
Editor-in-Chief
HOTELS MAGAZINE
REGISTER
TODAY
Using your smart phone, download a
data retrieval app, point your camera
and scan to go to HOTELSmag.com
Register to access all of the global
hotel industry news and updates.
The judges This years Great Hotel Restaurants were selected by 19 judges from around the world:
Robert Appelbaum,
Johannesburg: restau-
rateur, winery owner and
international lawyer
Elizabeth Blau,
Las Vegas: CEO, Blau
and Associates
Stefan Breg,
Dubai, UAE: TRIBE
Restaurant Creators
Serge Dive,
Marrakesh, Morocco:
PURE experiences
Kurt Fischer,
Mendocino, California:
president, the
International Food &
Beverage Forum
Omer Isvan,
Istanbul: president,
Servotel Corp.
Yasmine Mahmoudieh,
London: designer
Donald Morrison,
London: director, Donald
Morrison Consultancy
John Nielsen,
Melbourne, Australia: golf
club and wine manager
Steve Odell,
Sydney, Australia:
Silversea Cruises
Nick Perry,
London: founder,
Ultratravel
Bob Puccini,
San Francisco: president
and CEO, the Puccini
Group
Glenn Pushelberg,
Toronto: Yabu
Pushelberg Design
Ilan Rudich,
London and Monaco:
management consultant
Steve Rushmore,
New York: HVS
International
Carlos Villanova,
Rio de Janeiro:
international diplomat
Patrick Willis,
London and New York:
Marlon Abela Restaurant
Corporation (MARC)
Keith Yates,
Bangkok, Thailand:
consultant
Virginia Wun,
Hong Kong: designer
Year opened: 2003
Seats: 80 inside with an
additional 40 outside, 24 in
the Private Dining Room, 12 at
the Chefs Table
US$125
Chef/culinary team:
Executive Chef Craig Strong,
General Manager David Pratt
Menu focus: Modern
French cuisine with California
influences on an ever-
changing tasting menu featur-
ing seafood caught daily,
farm-raised meats and game
and artisanal ingredients
Signature dishes: Chefs
Tasting Menu with offerings
such as chilled strawberry
gazpacho with fennel salad,
charred octopus and brioche
croutons; sauted swordfish
with summer succotash,
piprade sauce, pine nut
pesto and leek blossoms;
Hudson Valley duck breast
with micro swiss chard,
poached bing cherries and
orange-coriander sauce;
crunchy banana split with
banana bread chocolate
mousse croustillant, banana
fritter and vanilla ice cream
Standout design
features: Sweeping views
of the Pacific Ocean via
expansive open-air windows,
a 20-foot (6-meter) raised
ceiling with rustic stained
wood beams, two custom-
built wine vaults, a turn-of-
the-century-style bar stained
in rich wood tones, a commu-
nal table in the bar area
Its reflection of the fresh and
vibrant style of Laguna Beach
Year opened:
1980 (renovated 2005)
daily, lunch on Sunday
Seats: 132
US$130
Chef/culinary team:
Steak House Chef Calvin
Choi, InterContinental Hong
Kong Executive Chef Graham
Burst, InterContinental Hong
Kong Executive Pastry Chef
Cyril Dupuis
Menu focus: The worlds
finest meat seared to
perfection on a charcoal grill
Signature dishes: Chilled
seafood mountain featuring
Boston lobster, yabby, king
crab legs, black mussels,
abalone, prawns, Manila
clams, scallops and Jade
Whelk; dry-aged beef; home-
smoked dry-aged beef; salad
bar with condiments including
12 specially blended mustards
and eight exotic rock salts;
oversized desserts such as the
Cookie Monster Alaska
Standout design
features: Clean lines and
rustic textures with the use
of modern square forms
and rough finishes in ash
wood, stone and leather; a
contemporary American-style
open kitchen with a refinished
copper charcoal grill; a trans-
parent wine cellar showcasing
some 4,500 bottles
A good, straightforward menu
featuring great steaks
Studio
Montage
Laguna Beach
Laguna Beach,
California
The Steak House
winebar + grill
InterContinental Hong Kong
Hong Kong
WMF 1800 S
NEW
Self-Service for coffee lovers
WMF Americas Coffee Machine & Institutional Division
1881 SR 84, Suite 101, Ft. Lauderdale, FL 33315
Phone +1 954-583-2269
Fax +1 954-583-3538
support.coffee@wmfamericas.com, www.wmfamericas.com
The WMF 1800 S user guide was developed specially for the
requirements of self-service operation. The keys arranged in a line
above the coffee spout, a special cup stop and the design of the
drip tray help the customer to select the desired product and place
the cup in position.
Attractive auxiliary units like milk coolers, cup racks and mug
dispensers, vending units like coin checkers, coin changers,
banknote or card readers and mobile coffee stations are available
for use with the machines. These upgrade the WMF 1800 S to a
fully equipped vending unit which can even be mobile if required.
coffee wakes up the world
VISIT
HOTELS
m
a
g
.
c
o
m
Register at
HOTELSMAG.com
RECEIVE DAILY
NEWS AND BLOG
ENEWSLETTER
Our robust website delivers
breaking news, images of
the hottest hotel openings,
inuential bloggers sharing
insights, original reporting
and much more.
REGISTER
TODAY
TECHNOLOGY: CRM
C
ustomer relationship management
(CRM) is one of the fastest-evolving
areas of the hospitality industry. As
technology produces sea changes in communi-
cation akin to Gutenbergs printing press, hotel
companies are pressed to invest in new CRM
products at a time when budgets remain tight.
Now is the hardest time to get funding to
do things because everyone is strapped, and
people arent sure if were climbing out of the
recession. It is hard to innovate when you
dont have the resources, says Cindy Estis
Green, CEO of The Estis Group, Atlanta,
which provides consulting for hotels.
Not only are new technologies needed,
but new methods as well. Getting the right
message to a consumer has never been harder,
as they are bombarded with information and
commercial offers on all fronts. It has never
been easier to reach a consumer, but at the
same time it has never been easier for the
hotels message to get buried in the onslaught.
That is not to say that some of the older,
less tech-intensive methods such as direct
mail and e-mail arent effective. WeeKee
Ng, director of corporate loyalty and partner
marketing at Shangri-La Hotels and Resorts,
says if a guest at a Shangri-La property is
not part of the companys loyalty program,
the company follows up with direct mailings.
With that, a relationship is always built, Ng
notes. That is one of the most effective CRM
[methods] we have so far.
The advantages that made direct mail
common remain despite new technology, as
the return on investment is easily quantifable,
the recipient is easily targeted and opening
the mail involves the active engagement of the
customer. The same is true of e-mail, despite
the emergence of social media and smart-
phone applications.
Far and away the largest success we have is
MMM VING
target
TECHNOLOGY IS SPEEDING UP THE
EVOLUTION OF CRM ALL WHILE
HOTELS MUST ALSO COPE WITH
TIGHT BUDGETS.
By Nathan Greenhalgh, associate editor
TECHNOLOGY: CRM
our e-mail program. We have seen huge
growth in the revenue generated but
also in the data about customers we can
record, says Gigi DesLauriers, senior
director of e-commerce at Carlson
Hotels. If youve received an e-mail and
didnt book, we know that, and we an
follow up with you. As they start staying
with us more, our data gets richer.
Some of the same community-
building techniques used for social
media campaigns are applicable to
e-mail communications with custom-
ers. DesLauriers says that utilizing
self-selected customers for e-mail cam-
paigns was far superior to widening
the target of campaigns by purchasing
contact information from third parties.
Trying to buy it somewhere hasnt
been as effective as trying to nurture it
ourselves, DesLauriers says.
Sending unwanted e-mail to custom-
ers is not only ineffective, but can dam-
age the brands appeal to the customer.
Trust is very important in terms of
CRM, Ng says. Especially in a world
where e-mail and communication is so
rampant, we have very little opportu-
nity to reach the customer again once
they unsubscribe to our e-mails.
In fact, this can happen even with
customers that have signed up for
e-mails, so hotel companies stress that
it is important to set up a dialogue
with customers, as they may mistake
CRM e-mails they signed up for as just
another fsh in a sea of admail.
Theres so much clutter on the
market, so when they do sign up
and start receiving these things, it
sometimes seems out of the blue. So,
we try to set it up so theres as much
communication with the customer as
possible, says John Kennedy, vice
president of marketing and CRM at the
Rezidor Hotel Group.
Among other things, there is a
generational divide among customers
and the way they communicate. While
older demographics are using more of
the latest technologies such as social
media and mobile phone applications,
most users remain those under 40
years of age. The demographics are
changing, and the younger generations
expect to be known and understood,
Green says.
Going mobile
Larger hotel chains already have
mobile phone-optimized websites and
are developing mobile applications
for a younger demographic. About
two years ago we launched our mobile
website. Weve enhanced it since then,
and weve generated fantastic ROI,
says Bill Bernhal, vice president of
e-commerce at Hyatt Hotels Corp.
We will soon be rolling out an iPhone
application, and its going to have a lot
more personalized capabilities.
Bernhal says Hyatts mobile website
is viewed by millions of unique visitors
each month, and now the company
is working with two other companies
on smartphone app development.
The applications for other platforms
will be created after the iPhone app
is released. Were developing it in a
way that will make it easy to deploy
for Android, and were looking at
Blackberry and Windows 7 for mobile,
too, Bernhal says.
Bernhal compared the iPhone
application under development to an
airline kiosk that can see reservations,
conduct check-in and check-out,
receive on-property event updates
and retain credit card information for
booking. Allowing for the user to be
able to customize the app is guiding the
design, Hyatt says.
We do all the user interface and user
experience here at Hyatt, Bernhal says.
This is one of the biggest challenges
out there theres just this explosion of
devices. Trying to build good experience
across all devices is a challenge.
Hyatts Andaz brand already has its
Hyatts Andaz iPhone application is being used
in a testing capacity for the general Hyatt
iPhone app.
Theres just this
explosion of devices.
TRYING TO BUILD GOOD
EXPERIENCE ACROSS ALL
DEVICES IS A CHALLENGE.
Bill Bernahl, vice president of e-commerce, Hyatt
TECHNOLOGY: CRM
own iPhone application, which can be
used on-property for food and beverage
and guest service orders. However, this
eventually will be phased out in favor of
one general mobile phone app to cover
all Hyatts brands.
Like Hyatt, Concorde Hotels &
Resorts already has a mobile website
and will debut an iPhone application in
early 2012. Unlike the mobile website,
which is focused on bookings, the
application will be mainly dedicated
to e-concierge services for on-property
guests and sending guests customized
value packages. An Android version of
the app will follow.
The mobile application combined
with CRM enables us to push the right
information, service or offer directly
to the guest at the right time, says
Francoise Houdebine, director of sales
and marketing at Concorde. With
this kind of application, we expect
to grow our customer database and
customer loyalty, as well as generate
additional revenue.
Shangri-La launched its mobile phone
website over two years ago and uses
it primarily for booking reservations.
Now the company is developing mobile
apps for iPhone, iPad, Android and
Blackberry that will allow the user to
redeem points in the companys loyalty
program for booking. Shangri-La says
the most important platform is Android
because of the open-source operating
systems large market share in China.
Shangri-La is developing the
software in-house and using third-
party companies to integrate it across
platforms. This is a program that
would drive even more activities online.
They do not need to call up the reserva-
tion center, says Ng, who adds that
marketing to customers over the apps
will ned to be as targeted as possible.
How to target
Indeed, one of the challenges hotel
companies face as they adapt their CRM
programs for todays technology includes
data-mining customers so they can be
effectively targeted for offers and so com-
munications remain culturally sensitive.
You want to make sure visually
what you have is portraying an image
you want to show off, Kennedy says.
Concorde says it is highlighting its
data-mining techniques to give guests
the best offers. The goal was to answer
some basic yet vital questions. Where
do our clients come from? How far in
advance do they book? Do they visit
several Concorde hotels over a year?
Do they come back often? How much
do they spend? What do they like to do
best when they visit, or what dont they
like? Houdebine says.
Another challenge is ensuring that
information about the guest is able to
reach multiple touchpoints seamlessly,
which is particularly hard given that
different hotel operations take place on
separate computing systems.
Its a technical challenge to do that.
They have different systems for taking
a reservation to their call center or to
the front desks computer from what
a travel agent may use. Everyone has
different databases, and its not pooled
in any way, Green says.
Legal issues
Another issue is remaining on the
right side of privacy laws, which have
changed along with new technology,
particularly in the European Union.
You have to have an audited
system, Kennedy says about Rezidors
CRM databases, so guest questions
about where their information was
obtained can be answered. Its
something that Ive seen over the last
fve years more and more.
Besides privacy, another European
legal issue is ensuring that offers
arent so generous that they could be
construed as bribing the customer.
In some markets, if I saw you sign
on for a room I give you for free it cant
be worth more than (US$71) 50 euros
in the business-to-business market,
Kennedy says. Its important to start
in the position of what is the most
restrictive law, then go from there. Its a
very risk-averse direction.
Hyatts iPhone app is still under development.
Now is the hardest
time to get funding
to do things because
everyone is strapped,
and people arent sure
if were climbing out of
the recession. IT IS HARD
TO INNOVATE WHEN
YOU DONT HAVE THE
RESOURCES.
Cindy Estis Green, CEO, The Estis Group
Exceptional hospitality solutions are
an everyday event with Cintas.
Attention to detail makes your services stand out. Ours too.
For decades, the hospitality industry has trusted Cintas
to mind the details and get it right the rst time. With Cintas
on the job, you can focus on the essentials of running your
business. We offer the following services across the U.S.
UUniform Solutions
Apparel purchase and rental programs provide crisp,
professional looks to suit your needs. Additionally,
Cintas operated uniform rooms create efciencies.
UFloorcare Solutions
Tile & Carpet Deep Clean helps restore the oors
appearance, giving every guest an outstanding
rst impression.
Floor mat, mop, and cleaning chemical programs
help protect ooring and maintain its cleanliness.
UFire Protection Solutions
Consolidated testing, inspection, and repair of all
re systems ensure compliance with local, state, and
national codes.
Cintas hospitality solutions free up time to serve your
guests. Trust Cintas reliability for other services too:
Training, AED programs, kitchen and restroom solutions,
and document shredding. Contact your local Cintas
representative today to learn more.
800-864-3676 www.cintaslodging.com
supplyline
Zieher celebrates
25th anniversary
A courtyard festival in St. Georgen, Bayreuth, Germany, marked the 25th anniversary
of Zieher KG. Employees, friends and customers from all over the world attended.
The party enjoyed music by Papa Legbas Bluesband and dishes such as Bistecca
Fiorentina, Chili-Ginger Prawn Skewers and Hermann Paums Pegnitzer Roll
catered by Thomas Dtzer and Wolfgang Hauenstein, along with Paum.
The companys Skyline buffet, illuminated with red light, held dessert; Susan
Baker and Dennis Lddicke provided musical accompaniment for the end of the
evening.
The event also celebrated long-time employees. In addition to Hellmuth Brckel,
who has been with the company for 20 years, 11 employees were honored for spend-
ing more than 10 years with the rm.
The Zieher
family gathers
at the press
conference
during the
anniversary
celebration.
UK hotel collection chooses
revenue management partner
Guoman Hotel Management Limited,
which owns, leases or manages 37
hotels throughout the United Kingdom,
has partnered with Easy Revenue
Management Systems (EasyRMS).
Guoman will install the EzRMS Saas
Revenue Management System across
virtually all of its properties. Phase One
saw the installation at 16 properties, and
Phase Two, an additional 21 properties,
should be complete later this year.
Guoman hotels include The
Cumberland, Charing Cross, The
Tower, Royal Horseguards and 33
Thistle hotels.
Groupe GM partners with
American spa product brand
Groupe GM is bringing a touch of spa
luxury to its guestrooms with an amenity
line from American brand SUNDRI.
The paraben-free line includes shower
gel, shampoo, body milk, hair and body
gel and conditioner as well as soaps.
A hospitality product such as SUNDRI
is perceived by clients as a gift with
exotic ingredients, and they like to take
them home as a souvenir, says Laurent
Marchand, president of Groupe GM.
The products include aromatic plants,
trees, flowers and roots. The lines core
ingredient is neem oil. Extracts from the
neem tree are said to have antiseptic,
antiviral, antipyretic, anti-inflammatory,
insecticidal and antifungal properties.
Blanco CS reports
FY2010 results
The Blanco CS Group, a business-
to-business supplier for commercial
kitchens, medical facilities and industry,
increased its turnover in fiscal year 2010
to approximately US$145.4 million (100.3
million euro), a 14.6% increase.
Export share rose by 3% to 44%, and
the equity share is now more than 40%.
The companys turnover growth is up
almost 50% since the end of 2006.
Oberderdingen, Germany-based
Blanco CS employs approximately 640
people at four locations in Germany and
the Czech Republic.
In brief
SYS Systemfiltration celebrated
the 10th anniversary
of its Euro-Toques
technic innovation
award-winning VITO
oil filter system, now
found in more than
20,000 kitchens.
Rancilio Group opened the new
Egro Suisse AG headquarters and
the new Egro LAB Research and
Innovation Centre in Dottikon, near
Zurich.
Girbau demonstrated PB flatwork
ironers, MG Series 6 washers, the Pro
Logi control and other products at
the Clean show held June 6-9 in
Las Vegas.
Rational celebrated the assembly
of its 500,000th unit June 1. The
unit will go to the restaurant in the
Berlin TV tower.
Steve Everett Jr. has joined
Hatco as business development
manager. Mark Pumphret will join the
company as dealer sales manager
December 1.
Convotherm, manufacturer of
combi steamers, turned 35 in July.
Eglfing, Germany-based Convotherm
Elektrogerte GmbH is a subsidiary of
Manitowoc Foodservice Group.
FITNESS-RECREATION, LINENS AND MORE
Duck Island provides an exotic
combination of Mandarin and
Bergamot designed to stimulate
the senses while creating a
relaxed feeling. Products are
available in both 30-millileter
and 250-milliter sizes.
Duck Island, London.
duckisland.co.uk, sales@duckisland.co.uk
With Buffet Heroes,
Schoenwald presents
the Event and Scenario
concepts as high-
quality glass collec-
tions. Whether on the
dining table or on the
buffet, this mix of white
porcelain, glass pieces
and diverse shapes opens
up huge scope to create new looks
and combinations for food
presentation. Porzellanfabrik
Schoenwald, Schoenwald, Germany.
schoenwald.com, schoenwald@schoenwald.com
Annaburg Porzellan is extending
the Shen bowl collection to respond to
current market trends. Four products
currently are available, and more are
being developed. All products come in a
variety of color glazes and decorations.
Annaburg Porzellan, Annaburg, Germany.
annaburg-porzellan.de, info@annaburg-porzellan.de.
Cuisinarts Ultimate Brewing
System utilizes two heaters to
simultaneously heat separate
8-ounce water reservoirs, allowing
two cups of hot beverages to be
perfectly prepared at the same time
in less than four minutes. The brewing
system can make a single cup of
coffee or tea as well. Cuisinart,
Stamford, Connecticut. cuisinart.com
SantAndrea Elevation from
Oneida International
promises a modern design
in 18/10 stainless steel. This
pattern features case-forged,
cantled knives; coined fork tines;
and flat-faced bowls. Other
details include finished edges
and tips, ergonomic design
and case-hardened knives for
durability. Oneida International,
Gera, Germany. oneidafoodservice.co.uk,
andreas.kroll@oneida.co.uk
Modern Grace from Villeroy & Boch is a new range of
tableware made from extraordinarily thin Premium Bone
Porcelain. Due to the flowing structure of the working
surface and the plain, restrained rim, the serving area can
be enlarged to meet individual needs and preferences.
The range encompasses 26 pieces of dishwasher- and
microwave-safe tableware.
Villeroy & Boch, Mettlach, Germany. villeroy-boch.com
EcoMade Dayton Dinnerware from Carlisle
FoodService Products can be used safely at
temperatures up to 212 degrees F (100 degrees C).
Stain-, scratch- and break-resistant, EcoMade is
ideal for a multitude of foodservice operations and
certified by the National Sanitation Foundation.
Carlisle FoodService Products, Oklahoma City,
Oklahoma. carlislefsp.com
A
W
T

H

0
3
.1
1
Avantgarde
Welcome Tray
The interior designers choice
www.northmace.com
sales@northmace.com
Hygiene bag refills from
Northmace & Hendon fit
most holders. They help
prevent unnecessary waste
and ensure restrooms look
clean and tidy. Easy to
store and manage, each
refill contains 25
individual bags.
Northmace & Hendon,
Cardiff, United
Kingdom. northmace.com,
sales@northmace.com
The Wilbur Curtis Co.s
IntelliFresh Technology,
integrated into the Gemini
brewing system, main-
tains coffees ideal fresh-
ness and temperature
throughout the dispens-
ing cycle by enveloping
the satellite with pulses of
gentle heat. IntelliFresh
settings are locked in by
touching the brew button
and are kept until the next
brewing cycle even
if the vessel is moved
to a remote serving
stand. Wilbur Curtis Co.,
Montebello, California.
wilburcurtis.com
Inspired by the ocean, Algotherm amenities
from Groupe GM are enriched with active
marine principles (Chondrus Crispus seaweed
extracts) and are free of paraben and
phenoxyethanol. The range consists of 32-
milliter tubes, solid soaps, a reviving source
mask, liquid soap and hair and body gel in
300-milliter Ecopump dispenser bottles.
Groupe GM, Paris. groupegm.com, gm@groupegm.com
Towels, sheets and bed coverings are only three of the products
from Mank Beautys portfolio, all of which consist of soft non-
woven fabric or high-quality Airlaid clean and quickly available
alternatives to traditional laundry products. The Mank Beauty
product range is supplemented by supplies including cosmetic
pads, eye masks, face masks, eyelash pads or make-up bibs as well
as finger and toe spreaders, cellulose cotton swabs or even hygienic
slippers made from non-woven fabric or PE foam.
Mank, Dernbach, Germany. mank.de, info@mank.de
Designed for one person, the special
back profile on the Bette One Relax
bath is like a reclining chair flatter
than others and especially long to give
a high level of comfort while also
reducing water usage. It is available in
two sizes. Bette, Delbrueck, Germany.
bette.de, info@bette.de
BellaVita from Micros-Fidelio provides a spa team
the information they need to deliver personalized
service. Everything is under control rooms,
employees and stock. Cross-selling and upselling are
easy, and guest preferences are available.
Micros-Fidelio, Neuss, Germany.
micros-fidelio.eu, Sales-eu@micros.com
Steigenberger Hotels and Resorts
Technogym presents
Recline Personal, a new
exercise bike connected to
the web via an integrated
VISIOweb display. Reclines
Personal backrest has been
designed in collaboration
with Vitra and Antonio
Citterio and combines
ergonomics and design.
Technogym, Ambettola, Italy.
technogym.com,
emanaresi@technogym.com
What stories does
your porcelain tell?
www.kahlaporzellan.com
www.facebook.com/kahla.fanpage
Centuries
Familiar structures merge with contemporary designs to form
a new generation of tableware. Treasures from bygone
eras meet newly combined on all-purpose porcelain and
slow down the time.
Design: Barbara Schmidt
Dedons latest collection, MU by Toan
Nguyen, combines the benefits of materials
and textiles designed for outdoor usage with
the comfort of the finest indoor sofas. The
beach chair is available in two colors for a
sophisticated and simple look that blends
perfectly with the natural environment.
Dedon, Lueneburg, Germany. dedon.de, info@dedon.de
Personal Spa from
Happy Sauna is a box
of small dimensions,
ideal for creating a
corner to pamper body
and soul. Personal Spa
can provide sensory
experiences including
a steam bath integrated
by natural essences,
tropical rain together
with tropical essences
and music therapy with
an MP3 player.
Happy Sauna,
Predazzo, Italy.
happysauna.com,
info@happysauna.it
The new Solis hairdryer
Swiss Perfection promises
maximum technical features
in addition to minimum weight and
size. The hairdryer will be available in
different colors and versions.
Solis, Glattbrugg, Switzerland.
solis.com/hospitality, export@solis.ch
In partnership with patent holder
Buck-Heitmann, in December
Thermarium will introduce the
Snow Shower. A touch screen
allows the guest to choose light
snowfall, moderate snowfall or
a blizzard. The flakes melt on
contact with the skin. The Snow
Shower is available in a standard
format or customized version.
Thermarium Bder-Bau,
Buch, Austria. thermarium.com,
office@thermarium.com
Drapiluxs new collection incorporates the trend of white interior design and
takes a bold and playful approach to contrasts. Whether in understated stripes or
futuristic designs, radiant white joins forces with elegant black.
Drapilux, Emsdetten, Germany. drapilux.com, info@drapilux.com
...1lI\lI !'| l!I| k
| ! !|k\. I I| lI
90-day residual pest-killing power
EPA registered
Entirely new formulation not a rebranded pesticide
Water-based insecticide, greater than 99% chemical-free
Stain & odor-free (proven by independent laboratory)
Highly efcacious for crawling & ying insects
(bed bugs, roaches, eas, mites & more)
Includes instructional videos
Pro Proooudl ud u y dddisp is iis lay our ssea eal e of of pr p oteecti c on. on. n. on. n. n ": | `| :1 :J;s :'':| ;:J +:|` s ::||:m ` l:\ :J ):::| ):|:| :)):::+
tional videos
+ ` : ` l \
2011 SEAL OF PROTECTION
NE VER WAS, NE VER WI L L BE.
NOBED
BUGS HERE
Treated & protected by:
PROVEN 100%
EFFECTIVE
stopbuggingme.com
stopbuggingme.comm
855.411.BUGS
info@stopbuggingmee.com
:` `; : ): ::s|'':| s:` J|: |+ ' ;+| :;: s| :1 :J;s
Colombo Design has debuted a series
of bathroom furnishing accessories
including a hanging soap dish,
standing soap dish, paper holder,
hanging glass holder, standing glass
holder, single hook, double hook,
hanging soap dispenser, standing soap
dispenser, bar towel holders, ring towel
holder, standing brush holder and wall
brush holder. Materials include chrome-
finished brass, acid-etched glass,
matte white ceramics and matte black
ceramics. Colombo Design, Terno dIsola,
Italy. colombodesign.it, info@colombodesign.it
The Pandora Baroque-style double bed
from Silik features a solid wood frame that
is decorated and finished with gold leaf.
The richly carved headboard has a padded
capitton panel, which softens the bed.
Silik, Cantu, Italy. silik.com, info@silik.com
With the Edition 11 mirror
cabinet and light mirror Keuco
aims to redefine the concept
of light, mirror and storage
space. Wide, light wings on the
sides can turn, and each reveal
a mirror that can be swiveled
out. The intelligent lighting
concept provides adjustable
illumination for the face. Inside
the mirror cabinet is a sliding
cosmetic mirror in addition to
the rear wall mirror.
Keuco, Hemer, Germany.
keuco.de, objektmanagement@keuco.de
21-25 October
2011
INTERNATIONAL
EXHIBITION OF
THE HOSPITALITY
INDUSTRY
Hearty comfort
Food Service Equipment Bread/Pizza/Pasta Ice Cream/Confectionery Coffee Bar/Coffee Machines Hotel&Spa Emotion
. Where hospitality meets business.
w
w
w
.
h
o
s
t
.
f
i
e
r
a
m
i
l
a
n
o
.
i
t
a
p
e
b
m
i
l
a
n
o
.
i
t
WiththePatronageof MilanExpo2015.
FeedingthePlanet, Energy for life.
The wet massage table Ergolima from Trautwein offers an
adjustable head rest while the arms can rest on ergonomically
formed plateaus next to the body. The heated surface, regulated
by a thermostat, is made from high-quality acrylic. The cladding is
available in white, black, nevada (stone), blue-marbled or green-
marbled. Trautwein, Emmendingen, Germany.
trautwein-gmbh.com, info@trautwein-gmbh.com
With the same electronic capaci-
ties as the other products of the
Bartech range, glass door mini-
bars also come with soft blue door
lighting. Increased minibar visibility
can generate more in-room sales.
Bartech software automatically
unlocks the minibars when guests
check in. Bartech, Suresnes, France.
bartech.com, info@bartech.com
The V6 Grouptronic by Quality Espresso promises
cutting-edge espresso technology in a sleek aluminum
body shell with a two-coat metallic paint finish.
Quality Espresso, Barcelona.
qualityespresso.net, info@qualityespresso.net
The new Dornbracht bath series Deque is characterized by
the combination of two basic geometric shapes, the cuboid and
the cylinder. In addition to giving an altered optical perception of
water, the pearl stream with its parallel, soft, single jets enables
pleasant, efficient and water-saving hand-cleaning. Dornbracht,
Iserlohn, Germany. dornbracht.com, info@dornbarcht.de
Next-generation quick filter machines
from Bravilor Bonamat Mondo,
Matic, TH, Novo and Iso promise to
allow users to make delicious coffee
quickly and easily at any location. With
quick filter coffee, a quick filter system is
used to manually brew coffee based on
individual taste and experience. Besides
a contemporary design, these machines
offer in-cup quality and user-friendli-
ness. Bravilor Bonamat, Heerhugowaard,
Netherlands. bravilor.com, sales@bravilor.com
S
E
P
T
.

2
5
-
2
7

|

K
E
N
D
A
L
L

C
O
L
L
E
G
E
,

C
H
I
C
A
G
O
J
o
in
s
o
m
e
o
f th
e
m
o
s
t in
n
o
v
a
tiv
e
c
h
e
fs
in
A
m
e
ric
a
fo
r
th
re
e
d
a
y
s
o
f c
o
o
k
in
g
, n
e
tw
o
rk
in
g
&
ta
s
tin
g
a
t P
la
te
C
o
o
k
s
Explore emerging trends in modern Korean, Greek, Cajun/Creole and Northern Italian cuisines through dynamic chef demos. Hone your
technique in our hands-on sous vide and butchering workshops. Sharpen your senses and pairing acumen in our cocktail, wine and beer
pairing sessions. Put your creativity to the test in our market basket challenge. Network with other hotel chefs and food and beverage
peers and enjoy a riveting exchange of insights, techniques and trends. PlateCooks is presented by Plate, sister publication to HOTELS.

To attend or for more information, go to www.platecooks.com.
HOTELS
sal es staf f
PUBLI SHER
Dan Hogan
1.312.274.2221 | dhogan@hotelsmag.com
SALES MANAGER
David Wood
1.312.274.2225 | dwood@hotelsmag.com
REGI ONAL SALES MANAGER
Amy Vaxman
1.609.714.2038 | avaxman@hotelsmag.com
SCANDI NAVI A/ UK
Stephen Waddell, Manager
Brook House 335 Brook St, Belvedere, Kent,
DA17 6NH ENGLAND
+44 (0) 1322 437091 | swaddell@hotelsmag.com
CENTRAL/ SOUTHERN EUROPE
Caroline de Donnea
and Brigitte de Donnea, Managers
Grafenberger Allee 277-287
D40237 Duesseldorf, GERMANY
49 211 544 75 620
bdedonnea@hotelsmag.com
cdedonnea@hotelsmag.com
CHI NA
Nancy Yu, Managing Director
Oceania Publishing & Media
Room 503, No 1398
Ping Liang Rd
Shanghai China 200090
+86 21 51260111-218
PUBLI SHED BY MARKETI NG
& TECHNOLOGY GROUP
Chairman, Jim Franklin
President, Mark Lefens
Vice President, Sales, Bill Kinross, Steven D. Mayer
Vice President, Information Systems, Annica Burns
Director, Marketing, Events & Production,
Laurie Hachmeister
Technical/IT Support, Benjamin Isidore, Ryan Pfister
Circulation Manager, Ed Wacholder
Office Management, Robert Wilborn,
Dawn Batchelder
CONTACT US AT:
1415 N Dayton St, Chicago, IL USA
60642-2643 | 312.274.2200
email: sales@hotelsmag.com
HOTELS (ISDN 1047-2975), Volume 45, Number 8. Published
monthly (except for a combined Jan/Feb issue) by Marketing &
Technology Group Inc., 1415 N. Dayton St., Chicago IL 60642-
2643; 312-266-3311; fax 312-266-3363. Periodicals postage paid
at Chicago IL and at additional mailing offices. Copyright
2011 Marketing & Technology Group Inc. All rights reserved.
Reproduction in whole or part without written permission is
prohibited. POSTMASTER: Send address changes to HOTELS,
1209 Dundee Ave #8., Elgin IL 60120. SUBSCRIPTIONS: call
800-554-7470 to begin, change or cancel a subscription. Select
qualified readers may receive HOTELS for free. Paid sub-
scriptions: USA US$129.99 1-year, US$199.99 2-year; Canada
US$179.99 1-year; Mexico US$179.99 1-year; all other countries
(air expedited) US$229.99 1-year. Except for special issues
where price changes are indicated, single copies are available
for US$20.00 USA and US$30.00 foreign (plus postage). Canada
Post Publications Mail Agreement #40612608. Canada returns
to be sent to: Bleuchip International, P O Box 25542, London
ON NBC682.
An (A) after the page number indicates advertisements that appear only in the Americas editions;
an (I) indicates advertisements that appear in international editions.
Advertisers Index
Alto-Shaam Inc.
www.alto-shaam.com
Page 11
Andy Mannhart AG
Food & Hotel Vietnam,
Ho Chi Minh City, Vietnam;
Diyafa, Doha, Qatar
www.andymannhart.com
Page 2
ARC International
www.arc-intl.com
Page 17 (I)
Best Western International Inc.
www.bestwesterndevelopers.com
Page 29
Blanco
PIR, Moscow, Hall 13, Stand 1C61;
HOST, Milan, Hall 3, Stand F54 / L55
www.blanco.de
Page 15
Cambro Manufacturing Co.
www.cambro.com
Page 13
Cintas
www.cintas.com
Page 67 (A)
DEDON International
Contract Department
www.dedoncontract.com
Page C-2
DLHV
www.dlhv.com
Page 70
Dongguan Diamond Life Lighting
www.diamond-life.net
Page 8
Fiera Milano
www.host.fieramilanoexpocts.it
Page 76
Galaxy Hotel Systems
www.galaxyhotelsystems.com
Page 74
Girbau
www.girbau.com
Page 47
Groupe GM
www.groupegm.com
Page 9
Hoshizaki Ammerica Inc.
www.hoshizaki.com
Page 41
IH/M&RS
www.ihmrs.com
Page C-3
InterContinental Hotels Group
www.ihg.com
Page 23
The International Food & Beverage
Forum
www.foodandbeverageforum.com
Page 52
Interval International
www.resortdeveloper.com
Page 33
KAHLA
www.kahlaporzellan.com
Page 73
La Quinta Inns & Suites
www.laquintafranchise.com
Page 31
MEIKO Maschinenbau
www.meiko.de
Page 4 (I)
Micros-Fidelio GmbH
www.micros-fidelio.eu
Page 67 (I)
Northmace & Hendon
www.northmace.com
Page 71
Otrum ASA
www.otrum.com
Page 5 (I)
Precor USA
Page 5 (A)
Purchasing Management International
www.pmiconnect.com
Page 39
RAK Porcelain Europe SA
HOST, Milan, Italy, Hall 2, Stand A14
www.rakporcelain.com
Page C-4 (I)
RCI
www.RCIaffiliates.com
Page 19
Rivolta Carmignani SpA
IH/M&RS, New York, Booth # 2508
www.rivoltacarmignani.it
Page 59
ROCASUBA Inc
Page 75
Scholl GmbH
www.scholl-gastro.de
Page 61
Sealy Inc.
www.sealy.com
Page 46
ShowMaster Vertriebs GmbH
www.show-master.de
Page 77
Spring USA Corporation
www.springusa.com
Page 17 (A)
Starwood Hotels & Resorts
www.starwood.com
Page 25
Steel Framing Alliance
Page 4 (A)
TENBRINK Objekteinrichtungen GmbH
www.tenbrink.de
Page 53
Villeroy & Boch
Pages 1, 57
Wall Street Journal
info.wsj.com/better
Page C-4 (A)
WMF Coffee Machines
www.wmf.com
Page 63
Wyndham Hotel Group
www.whgdevelopment.com
Page 20
lagniappe
WOMEN AT WORK
Women make up 60% of the hospitality
workforce but only 6% of senior board
executives. Thats just one statistic HVS
Executive Search Director Lorenza Alessie
used at a breakfast briefing this summer on
the personal costs for women in hospitality.
Debrah Dhugga, general manager of
Dukes Hotel, noted that there are now
eight GMs of 5-star hotels in London.
Dhugga is one of the founders of The
Leading Ladies of London Association,
which was formed to bring together
female GMs of Londons 5-star properties. This industry
is a lifestyle, Dhugga said at the briefing. Anyone who
comes into our industry and thinks it is a nine-to-five job
never lasts.
A good support network is key, the panelists said, as
is an understanding partner and mentors. A network of
women and mentors gives you someone to discuss things
with, and that can be extremely useful, Dhugga said.
On the southern tip of Cap dAntibes in France, the Htel du Cap-Eden-Roc is open again with two new
suites and new deluxe rooms. The new rooms are part of an ongoing US$64 million renovation project. New
suites feature balconies with garden and sea
views, lounge spaces and dressing rooms. All
new accommodations include a private bar with
LED TVs and an iPod station. New bathrooms
have under-oor heating and marble dcor.
The hotel also has renovated its Eden-Roc
suite with new dcor, a garden, a wooded per-
gola and a Jacuzzi on its 2,690-sq-ft (250-sq-m)
terrace with a view of the Mediterranean.
The improvements to the hotel, originally
built in 1870, are part of a restoration effort that
began in 2007. The project is the hotels rst
major renovation since the 1950s.
We decided our goal would be to make
the hotel feel as if nothing but the subtlest
of changes has taken place, says General
Manager Philippe Perd.
FLOWER POWER
There must be something in
the water at Sheraton Seattle
Hotels Garden
Walk, which
now boasts a
giant, moving
flower sculp-
ture. Urban
Garden
9,950 pounds (4,513
kilograms) and 27 feet (8.3
meters) tall features a
spinning daisy, bluebells
that open and close and
a red watering can that
tilts to water a flowerpot.
The installation of Urban
Garden, crafted by local art-
ist Ginny Ruffner, completes
Sheratons US$2.5 million
Garden Walk, which trans-
formed an entire city block.
UNLIMITED
ACCESS
St. Louis Gateway Arch.
Chichen-Itza. Grand
Caymans Stingray City.
Not places you expect
to nd a concierge, but,
thanks to Foursquare, all
of these locations now
have information from
Ritz-Carlton concierges,
right in travelers pockets.
Consumers can use their
mobile devices to check
in at various locations in
25 countries to access
information from the
luxury hotel brand.
Luxury consumers
are everywhere, says
Allison Sitch, Ritz-
Carltons senior corporate
director, public relations.
At Ritz-Carlton we are
committed to providing
access to all who want to
speak with us in places
they expect to nd us,
versus making them have
to search for our hotels
at the expense of their
own time. Plus, she
notes, lots of the brands
customers are already on
Foursquare, based
on the volume of check-
ins across the Ritz-
Carlton portfolio.
She adds that the new
platform meshes with
Ritz-Carltons emphasis
on engaging with guests
by traveling with
them, in their pockets.
Providing all you can for
guests whether they are
inside or outside of the
four walls of our
hotels ts perfectly
with our brand culture,
Sitch says.
HOT
TYPE
The most important thing for China today in its encouragement of
tourism is to bring the levels of service up, which are not consistent.
Some cities are overbuilt, but some have not what you would desire
in terms of a city hotel, and that needs to even out. That will only
come over time. Hong Kong and Shanghai Hotels Chairman,
The Hon. Sir Michael Kadoorie, on the state of Chinas hotel business
French facelift
S
p
i
k
e

M
a
f
f
o
r
d
Debrah Dhugga,
general manager,
Dukes Hotel
#
I
AMERICA`S
TOP-SELLING
NEWSPAPER
Better imressions
Iast Iong after
checkout.
From modernizing your Iobby to making your rooms more comfortabIe, you know the
imortance of a good first imression. A better news source with mobiIe and digitaI
caabiIities can make a Iasting imression. If you`re Iooking for a way to imrove what
your guests take away from your roerty - BETTERGET4HE*OURNAL.
6ISITinfo.wsj.combetterTOOFFERYOURGUESTSTHENEWSSOURCETHEYWANT
2
u
I
I

D
o
w

J
o
n
e
s

&

C
o
m
a
n
y
,

I
n
c
.

A
I
I

r
i
g
h
t
s

r
e
s
e
r
v
e
d
.

10

Hochgeladen von

Dokumentinformationen

Originalbeschreibung:

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

10

Hochgeladen von

Copyright:

Verfügbare Formate

HOTELS

THE MAGAZINE OF THE WORLDWIDE HOTEL INDUSTRY SEPTEMBER 2011

FOOD & BEVERAGE

loyalty program. For every visitor,

and BEST WESTERN

PLEASE CALL 866-832-6574, E-MAIL franchise@laquinta.com OR VISIT laquintafranchise.com

42% reservation systems

PRESTIGE RESORTS & DESTINATIONS

RELAIS & CHTEAUX

. With thoughtful, smart

concept, we are able to take your hotel

Das könnte Ihnen auch gefallen